NRL’s net losses shrink by 72% YoY during 1HFY21

MG News | January 26, 2021 at 04:54 PM GMT+05:00

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January 26, 2021 (MLN): National Refinery Limited (NRL) has incurred losses of Rs 822 million during 1HFY21 ended December 31, 2020, depicting a decline of 72.44% YoY against a net loss of Rs 2.98 billion in the same period of last fiscal year.

This has translated into a loss per share which clocked in at Rs 10.29 against the loss per share of Rs 37.33 in the aforementioned period.

According to the financial results issued to PSX, the company made losses due to a 26% YoY decline in 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 28%, the company still made a gross loss of Rs 211 million i.e. almost 92% YoY lower than the same period of last year.

During 1HFY21, the company witnessed a decrease in its major expense heads as distribution & administrative expenses came down by 27.6% YoY and 4% YoY respectively, giving some relief to the financial position of NRL. The Finance cost, too, depicted a decline of 64.4% YoY owing to a lower interest rate regime.

Meanwhile, the company received tax credit amounting to 192 million i.e. 78% YoY lower as compared to the same period last year.

Profit and Loss Account for the half-year ended December 31, 2020 ('000 Rupees)
	Dec-20	Dec-19	% Change
Revenue from contracts with customers	93,051,424	108,148,601	-13.96%
Trade discounts, taxes, duties, levies and price differentials	(33,443,794)	(27,484,758)	21.68%
Net revenue from contracts with customers	59,607,630	80,663,843	-26.10%
Cost of sales	(59,818,920)	(83,191,596)	-28.09%
Gross loss	(211,290)	(2,527,753)	-91.64%
Distribution cost	(320,479)	(442,566)	-27.59%
Administrative expenses	(419,730)	(437,452)	-4.05%
Other income	191,720	236,023	-18.77%
Other operating expenses	(9,732)	(10,177)	-4.37%
Operating loss	(769,511)	(3,181,925)	-75.82%
Finance cost	(245,440)	(689,420)	-64.40%
Loss before taxation	(1,014,951)	(3,871,345)	-73.78%
Taxation	192,384	886,372	-78.30%
Loss after taxation	(822,567)	(2,984,973)	-72.44%
Loss per share - basic and diluted (rupees)	(10.29)	(37.33)	-72.44%

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