NRL continues to suffer financial losses owing to lower revenue

By MG News | October 20, 2020 at 12:17 PM GMT+05:00

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October 20, 2020 (MLN): National Refinery Limited (NRL) has incurred losses of Rs. 1.31 billion (LPS: 16.4) during the quarter ended September 30, 2020, i.e. nearly 93% higher as compared to the losses made in the same period of last year.

The company continued to make losses on the back of lower net revenue from contracts, which in turn resulted from higher trade discounts offered to the customers. While there was a decline in the cost of sales by 27%, the company still made a gross loss of Rs. 1.34 billion i.e. almost 6x higher than the same period of last year.

All the major expense heads, as well as the non-core expenses, declined during the quarter, giving some relief to the financial position of NRL. The Finance cost, too, depicted a decline of 59% owing to a lower interest rate regime.

The company received tax credit this time around too, amounting to almost 418 million i.e. almost double what it received in the same period of last year.

Financial Results for the quarter ended September 30, 2020 (Rupees'000)
	Sep-20	Sep-19	% Change
Revenue from contracts with customers	42,630,047	52,332,426	-18.5%
Trade discounts, taxes, duties, levies, and price differential	(15,367,807)	(13,064,811)	17.6%
Net revenue from contracts with customers	27,262,240	39,267,615	-30.6%
Cost of sales	(28,602,766)	(39,455,909)	-27.5%
Gross loss	(1,340,526)	(188,294)	611.9%
Distribution cost	(123,781)	(196,882)	-37.1%
Administrative expenses	(206,716)	(234,402)	-11.8%
Other expenses	(3,117)	(5,036)	-38.1%
Other income	95,146	101,773	-6.5%
Finance cost	(150,396)	(370,870)	-59.4%
Profit before taxation	(1,729,390)	(893,711)	93.5%
Taxation	418,290	214,946	94.6%
Profit after taxation	(1,311,100)	(678,765)	93.2%
Earnings per share	-16.4	-8.49	93.2%

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