Pakistan Refinery Limited faces Rs1.24bn loss in 1Q2024
MG News | April 24, 2024 at 10:05 AM GMT+05:00
April 24, 2024 (MLN): Pakistan Refinery Limited (PSX: PRL) unveiled its profit and loss statement for three months ended March 2024, wherein the loss after tax clocked in at Rs1.24 billion [LPS: Rs1.97] compared to a profit of Rs1.77bn [EPS: Rs2.81] in the same period last year (SPLY).
Going by the results, the company's top line decreased by 17.0% YoY to Rs49.46bn as compared to Rs59.55bn in SPLY.
The cost of sales fell to Rs50.01bn in 1Q2024 as compared to Rs55.09bn in SPLY.
The gross margins worsened to -1.13% as compared to 7.50% in SPLY.
During the review period, other income rose by 95.4% YoY to stand at Rs1.12bn in 1Q2024 as compared to Rs574.32m in SPLY.
On the expense side, the company observed an increase in administrative expenses by 87.4% YoY and other expenses by 6.31x YoY to clock in at Rs329.07m and Rs1.25bn respectively during the review period.
The company’s finance cost decreased by 47.5% YoY and stood at Rs987.87m as compared to Rs1.88bn in SPLY.
On the taxation front, the company received a tax credit worth Rs871.1m as against tax expense paid Rs881.5m in the same quarter of last year.
| Unconsolidated (un-audited) Financial Results for quarter ended March 31, 2024 (Rupees in '000) | |||
|---|---|---|---|
| Mar 24 | Mar 23 | % Change | |
| Sales | 49,455,730 | 59,554,649 | -16.96% |
| Cost of sales | (50,014,825) | (55,089,806) | -9.21% |
| Gross Profit | (559,095) | 4,464,843 | - |
| Administrative Expenses | (329,071) | (175,573) | 87.43% |
| Selling And Distribution Expenses | (116,884) | (125,540) | -6.90% |
| Share Of Profit / (Loss) | 6,075 | (6,546) | - |
| Other Income | 1,122,295 | 574,320 | 95.41% |
| Other Operating Expenses | (1,245,765) | (197,403) | 531.08% |
| Finance Cost | (987,868) | (1,880,511) | -47.47% |
| Profit before taxation | (2,110,313) | 2,653,590 | - |
| Taxation | 871,101 | (881,471) | - |
| Net profit for the period | (1,239,212) | 1,772,119 | - |
| Basic earnings/ (loss) per share | (1.97) | 2.81 | |
Amount in thousand except for EPS
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