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

Pakistan Refinery Limited faces Rs1.24bn loss in 1Q2024
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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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Posted on: 2024-04-24T10:05:56+05:00