National Refinery’s losses for 1HFY20 shrink by 22%

MG News | January 21, 2020 at 12:51 PM GMT+05:00

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January 21, 2020 (MLN): National Refinery Limited has incurred Net Losses of Rs. 2.98 billion (LPS: Rs. 37.33) for the half year ended on December 31, 2019, showing a decline of 22.6% over the losses witnessed in same period of last year.

The net revenue and cost of sales of the company displayed minimal growth of 1.99% and 2.62% respectively, resulting in a Gross Loss of Rs. 2.52 billion.

Despite a substantial rise in the non-core income as well as fall of 1.38% in Administrative Expense during the period, the company’s Operating Losses rose by 4.73%.

However, the company got a much needed breather from the fall in finance costs by around 52%, which ultimately pulled down the Losses before Taxation by nearly 21%.

Profit and Loss Account for the half year ended December 31, 2019 ('000 Rupees)
	Dec-19	Dec-18	% Change
Revenue from contracts with customers	108,148,601	99,627,322	8.55%
Trade discounts, taxes, duties, levies an price differentials	(27,484,758)	(20,537,921)	33.82%
Net sales	80,663,843	79,089,401	1.99%
Cost of sales	(83,191,596)	(81,067,700)	2.62%
Gross loss	(2,527,753)	(1,978,299)	27.77%
Distribution cost	(442,566)	(411,439)	7.57%
Administrative expenses	(437,452)	(443,555)	-1.38%
Other income	615,962	165,817	271.47%
Other operating expenses	(10,177)	(7,951)	28.00%
Operating loss	(2,801,986)	(2,675,427)	4.73%
Finance cost	(1,069,359)	(2,223,465)	-51.91%
Loss before taxation	(3,871,345)	(4,898,892)	-20.98%
Taxation	886,372	1,041,549	-14.90%
Loss after taxation	(2,984,973)	(3,857,343)	-22.62%
Earnings per share - basic and diluted (rupees)	(37.33)	(48.24)	-22.62%

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