Pakistan Refinery records downturn in nine-month earnings

April 24, 2025 (MLN): Pakistan Refinery Limited (PRL) has reported a net loss of Rs4.59 billion for the nine months ended March 31, 2025, compared to a profit of Rs5.27bn in the same period last year.

According to the company’s unaudited financial results, revenue from contracts with customers increased slightly by 1.86%, reaching Rs235.96bn, up from Rs231.64bn last year.

However, this marginal increase in revenue was overshadowed by a significant rise in the cost of sales, which grew by 7.76% to Rs235.67bn, leading to a drastic 97.74% decline in gross profit to just Rs292.9m from Rs12.94bn.

Selling expenses rose by 32.34% to Rs591.95m, while administrative expenses increased by 13.91%, totaling Rs1.05bn.

Other operating expenses were reduced by 32.12% to Rs2.56bn, but this was accompanied by a 29.81% fall in other income, which stood at Rs2.42bn.

As a result, the company posted an operating loss of Rs1.49bn, a stark contrast to the operating profit of Rs11.25bn recorded during the same period last year—a decline of 113.21%.

Finance costs decreased slightly by 4.91% to Rs2.82bn, while the share of income from associates fell significantly by 79.03% to Rs4.13m.

The company recorded a pre-tax loss of Rs4.3bn compared to a profit of Rs8.31bn in the previous year.

Final and minimum tax increased sharply by 649.57% to Rs1.39bn. However, the overall taxation impact was partially offset by a tax credit of Rs1.1bn.

Overall, the company reported a total comprehensive loss of Rs4.59bn for the period.

Basic and diluted loss per share stood at Rs7.29, down from earnings of Rs8.36 per share in the corresponding period last year.

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