National Refinery’s losses for 1HFY20 shrink by 22%
MG News | January 21, 2020 at 12:51 PM GMT+05:00
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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