Pakistan Refinery Ltd states losses of Rs3 billion for 2HFY19

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

 

 

Copyright Mettis Link News

Posted on: 2019-01-30T15:51:00+05:00

25738