Pakistan Refinery Ltd states losses of Rs3 billion for 2HFY19
MG News | January 30, 2019 at 03:51 PM GMT+05:00
January 30, 2019 (MLN): Pakistan Refinery Limited has disclosed losses of Rs. 3 billion for the half year ended December 31, 2018, in its earnings report issued to the Pakistan Stock Exchange. These losses were credited to an increase in company’s cost of sales by 46%.
The company also witnessed an increase in its Distribution and Administrative expenses by 15% and 20% respectively. This, however, was offset by relatively larger decrease in company’s non-core expenses by 98%.
Nonetheless, the increase in finance cost by 139% largely contributed to the deteriorated financial position of the company.
The company reported its Loss per share at Rs. 9.78 for the said period.
| Profit and loss account for the half year ended December 31 2018 (Rupees'000) | |||
|---|---|---|---|
|
| Dec-18 | Dec-17 | % Change |
| Revenue | 54,625,413 | 39,552,822 | 38% |
| Cost of sales | -56,515,398 | -38,611,209 | 46% |
| Gross (loss) / profit | -1,889,985 | 941,613 |
|
| Distribution costs | -117,281 | -101,816 | 15% |
| Administrative expenses | -212,672 | -176,953 | 20% |
| Other operating expenses | -1,244 | -69,965 | -98% |
| Other income | 79,786 | 66,330 | 20% |
| Operating (loss)/ profit | -2,141,396 | 659,209 |
|
| Finance cost | -607,313 | -253,661 | 139% |
| Share of (loss)/income of associate accounted for using the equity method | -2,094 | 568 |
|
| (Loss) / profit before income tax | -2,750,803 | 406,116 |
|
| Income tax expense | -259,593 | -260,851 | 0% |
| (Loss) / profit for the period | -3,010,396 | 145,265 |
|
| Basic (loss)/ earnings per share | -9.78 | 0.47 |
|
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