NRL’s losses rise by 57% YoY during 9MFY20

By MG News | April 23, 2020 at 12:46 PM GMT+05:00

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April 23, 2020 (MLN): National Refinery Limited (NRL) has posted net losses of Rs 8.12 billion for the nine months ended March 31, 2020, depicting the colossal increase of 57% YoY when compared to net losses of Rs 5.18 billion in the same period last year.

This has translated into a loss per share which clocked in at Rs 101.65 against Rs 64.85 in the aforementioned period.

As per the financial statement issued by the refinery to PSX, NRL’s sales revenue was down nearly by 8% YoY which caused gross loss to increase by around 2.8 times YoY to Rs 7.98 billion. However, the cost of sales of the refinery dropped by 3.39% YoY.

Moreover, an increase in distribution and operating expenses by 2% and 4% respectively also contributed to weakening the financial stability of the refinery.

On the other hand, the other income rose by 23.4 YoY to Rs 314 million while financial charges of the refinery dropped by around 34% YoY to Rs 1.86 billion.

Meanwhile, the tax expenses of the refinery increased by 93% YoY to Rs 2.7 billion during 9MFY20.

Profit and Loss Account for the nine-months ended March 31, 2020 ('000 Rupees)
	Mar-20	Mar-19	% Change
Revenue from contracts with customers	144,968,533	151,588,697	-4.37%
Trade discounts, taxes, duties, levies, and price differentials	(37,489,174)	(34,841,903)	7.60%
Net revenue from contracts with customers	107,479,359	116,746,794	-7.94%
Cost of sales	(115,466,815)	(119,521,381)	-3.39%
Gross loss	(7,987,456)	(2,774,587)	187.88%
Distribution cost	(614,370)	(601,426)	2.15%
Administrative expenses	(668,079)	(642,758)	3.94%
Other income	314,497	254,665	23.49%
Other operating expenses	(12,699)	(11,033)	15.10%
Operating loss	(8,968,107)	(3,775,139)	137.56%
Finance cost	(1,863,961)	(2,813,230)	-33.74%
Loss before taxation	(10,832,068)	(6,588,369)	64.41%
Taxation	2,703,070	1,402,853	92.68%
Loss after taxation	(8,128,998)	(5,185,516)	56.76%
Loss per share - basic and diluted (rupees)	(101.65)	(64.85)	56.75%

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