Equity

Pakistan Refinery Ltd states losses of Rs3 billion for 2HFY19

January 30, 2019

PRL sees a turnaround in yearly earnings

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