NRL's quarterly losses decline by 36%
MG News | October 15, 2019 at 12:38 PM GMT+05:00
October 15, 2019 (MLN): National Refinery Limited (NRL) has announced its financial earnings for the quarter ended on September 2019, wherein the company posted a significant decline in its losses to Rs 678.7 million against Rs 1 billion incurred in same period last quarter.
This translated in to loss per share which clocked in at Rs8.49, marking a decline of 36.3% from Rs 13.33 in corresponding period last year.
The decline in losses largely came on the back of lower cost of sales along with the rise in other income by 12.63% YoY. In addition, finance cost also dropped by a substantial amount of Rs 97 million, which further helped in declining company’s net losses.
Furthermore, the company also witnessed 39%YoY decline its operating losses which provided comfort to the earnings.
| Profit and Loss Account for the quarter ended September 30th 2019 ('000 Rupees) | |||
|---|---|---|---|
|
| Sep-19 | Sep-18 | % Change |
| Gross sales | 52,332,426 | 53,227,258 | -1.68% |
| Trade discounts, taxes, duties, levies and price differentials | (13,064,811) | (11,968,195) | 9.16% |
| Net sales | 39,267,615 | 41,259,063 | -4.83% |
| Cost of sales | (39,455,909) | (41,780,504) | -5.56% |
| Gross profit/(loss) | (188,294) | (521,441) | -63.89% |
| Distribution cost | (196,882) | (190,553) | 3.32% |
| Administrative expenses | (234,402) | (227,412) | 3.07% |
| Other income | 101,773 | 90,359 | 12.63% |
| Other operating expenses | (5,036) | (4,122) | 22.17% |
| Operating profit/(loss) | (522,841) | (853,169) | -38.72% |
| Finance cost | (370,870) | (467,937) | -20.74% |
| Profit/(loss) before taxation | (893,711) | (1,321,106) | -32.35% |
| Taxation | 214,946 | 254,938 | -15.69% |
| Profit/(loss) after taxation | (678,765) | (1,066,168) | -36.34% |
| Earnings per share - basic and diluted (rupees) | (8.49) | (13.33) | -36.31% |
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