Pakistan Refinery observes a decrease in net losses by 44% YoY during 1HFY20

News Image

By MG News | January 31, 2020 at 04:47 PM GMT+05:00

0:00

January 31, 2020 (MLN): Pakistan Refinery Limited (PRL) has announced its half-year financial results ended December 31, 2020. As per the results, the company posted a net loss of Rs 1.68 billion (LPS: Rs5.47), dropped by 44% YoY as compared to the losses of Rs 3.01 billion (LPS: Rs 9.78) of the same period last year.

The decrease in net losses was attributable to the stability in the rupee USD parity and improvement in the international refining margins.

During the period under review, the significant impact of the company’s net revenue (Up by 6.76% YoY) was witnessed as a massive decline in gross losses by 92.5%YoY was observed during the period.

The company’s distribution cost went up by 8.13% YoY, administrative expenses up by 1.59% YoY.  Moreover, other operating expenses increased by 22.2 times YoY during the said period.

Due to an increase in other income by 72.71% YoY, lessened the operating losses by 82.47% YoY. However, finance cost surged by 42.87% YoY to stand at Rs 867 million due to an increase in borrowing cost.

More notably, the tax expenses of the company declined by 44% YoY in the aforementioned period.

Profit and Loss Account for the half-year ended December 31, 2019 ('000 Rupees)

 

Dec-19

Dec-18

% Change

Revenue from contracts with customers

 58,318,302

 54,625,413

6.76%

Cost of sales

 (58,460,703)

 (56,515,398)

3.44%

Gross loss

 (142,401)

 (1,889,985)

-92.47%

Distribution cost

 (126,819)

 (117,281)

8.13%

Administrative expenses

 (216,056)

 (212,672)

1.59%

Other operating expenses

 (27,919)

 (1,244)

2144.29%

Other income

 137,796

 79,786

72.71%

Operating loss

 (375,399)

 (2,141,396)

-82.47%

Finance cost

 (867,683)

 (607,313)

42.87%

Share of income/(loss) of associated accounted for using the equity method

 1,719

 (2,094)

-

Loss before taxation

 (1,241,363)

 (2,750,803)

-54.87%

Taxation

 (441,440)

 (259,593)

70.05%

Loss after taxation

 (1,682,803)

 (3,010,396)

-44.10%

Loss per share - basic and diluted (rupees)

 (5.47)

 (9.78)

-44.07%

 

Copyright Mettis Link News

Related News

Name Price/Vol %Chg/NChg
KSE100 128,199.43
336.91M
2.05%
2572.11
ALLSHR 79,787.62
1,023.63M
1.53%
1202.91
KSE30 39,105.00
121.90M
2.49%
951.21
KMI30 186,915.61
131.16M
1.10%
2029.11
KMIALLSHR 54,201.88
553.60M
0.81%
438.07
BKTi 33,476.68
51.49M
4.87%
1555.00
OGTi 27,962.58
9.77M
0.68%
188.60
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 106,035.00 108,105.00
105,750.00
-2200.00
-2.03%
BRENT CRUDE 67.32 67.50
66.34
0.58
0.87%
RICHARDS BAY COAL MONTHLY 97.50 97.50
97.50
0.70
0.72%
ROTTERDAM COAL MONTHLY 103.80 103.80
103.80
-3.45
-3.22%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 65.65 65.98
64.67
0.54
0.83%
SUGAR #11 WORLD 15.70 16.21
15.55
-0.50
-3.09%

Chart of the Day


Latest News
July 01, 2025 at 10:04 PM GMT+05:00

Pakistan’s trade deficit improves by over 9% in June


July 01, 2025 at 05:24 PM GMT+05:00

Gold price in Pakistan rises Rs6,600 per tola


July 01, 2025 at 04:53 PM GMT+05:00

PSX proposes key regulatory amendments



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg