Pakistan Refinery observes a decrease in net losses by 44% YoY during 1HFY20
By MG News | January 31, 2020 at 04:47 PM GMT+05:00
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% |
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