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

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

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%

Copyright Mettis Link News

Posted on: 2020-01-21T12:51:00+05:00

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