Pakistan Refinery Limited faces Rs1.24bn loss in 1Q2024

MG News | April 24, 2024 at 10:05 AM GMT+05:00

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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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