PRL incurs losses of Rs3.4 bln as non-core income comes down by a colossal margin

MG News | April 29, 2019 at 12:15 PM GMT+05:00

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April 29, 2019 (MLN): Pakistan Refinery Limited has incurred losses of Rs. 3.4 billion for the nine months period ended march 31, 2019, as compared to profits of Rs. 694 million reported in the corresponding period last year.

The company suffered decline in net earnings on the back of relatively larger increase in Cost of sales as against growth in Sales revenue which ultimately resulted in a negative change in gross profit margins.

Other major setback for the company was a colossal decline in other income, around 86.7% to be precise, which resulted in no other cushion for the company to rely on.

Other than that, the company incurred huge finance costs, mainly on account of increase in the policy rate by SBP.

Furthermore, the reduction in income tax expense by 12% failed to provide the much needed respite to the company’s profitability.

The Loss per share of the company stood at Rs. 11, as compared to Earnings per share of Rs. 2 reported in the same period last year.

Profit and loss account for the nine months ended March 31 2019 (Rupees'000)
	Mar-19	Mar-18	% Change
Revenue	81,433,334	64,614,814	26.03%
Cost of sales	(83,278,971)	(63,625,257)	30.89%
Gross profit	(1,845,637)	989,557
Distribution costs	(179,524)	(151,653)	18.38%
Administrative expenses	(312,735)	(265,821)	17.65%
Other operating expenses	(12,386)	(144,300)	-91.42%
Other income	141,322	1,063,347	-86.71%
Operating (loss)/profit	(2,208,960)	1,491,130
Finance cost	(913,403)	(387,184)	135.91%
Share of (loss)/income of associate	(2,044)	158
(Loss)/profit before income tax	(3,124,407)	1,104,104
Income tax expense	(359,719)	(409,600)	-12.18%
(Loss)/profit for the period	(3,484,126)	694,504
(Loss)/earnings per share-basic and diluted	(11.32)	2.26

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