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
