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)
