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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