PRL incurs losses worth Rs378mn in 1QFY22

MG News | October 25, 2021 at 12:53 PM GMT+05:00

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October 25, 2021 (MLN): Pakistan Refinery Limited (PRL) revealed its financial statement today for the first quarter of the fiscal year 2022 ended on September 30, 2021, as per which the company incurred a loss after tax of Rs378.38 million, compared to the profit after tax worth Rs281.83mn in 1QFY21.

This has translated into a loss per share which clocked in at Rs 0.6 in 1QFY22, against the earnings per share of Rs 0.49 in the same period last year (SPLY).

According to the financial results issued to PSX, the topline of the company observed an enormous increment during the quarter as the revenue from contracts with customers jump by 2x to stand at Rs35.63 billion. However, the 2.1x surge in cost of sales hit the gross profits of the company by 46.4% YoY to stand at Rs472.43mn, compared to Rs881.20mn in 1QFY21.

Moreover, an increase in administration and other operating expenses by 21.88% and 25%, YoY, respectively also contributed to weakening the financial stability of the refinery.

The major highlight is a 40.76% YoY decrease in taxes which reversed a decline in the refinery’s profits during 1QFY22.

Profit and Loss Account for the quarter ended September 30th, 2021 ('000 Rupees)
	Sep-21	Sep-20	% Change
Revenue from contracts with customers	35,628,523	17,658,857	101.76%
Cost of sales	(35,156,094)	(16,777,655)	109.54%
Gross profit	472,429	881,202	-46.39%
Distribution cost	(68,005)	(53,416)	27.31%
Administrative expenses	(121,252)	(99,483)	21.88%
Other operating expenses	(46,426)	(37,147)	24.98%
Other income	25,643	33,955	-24.48%
Operating profit	262,389	725,111	-63.81%
Finance cost	(452,882)	(309,789)	46.19%
Profit before taxation	(190,493)	415,322	-145.87%
Taxation	(187,889)	(133,484)	40.76%
Profit after taxation	(378,382)	281,838	-
Earnings per share - basic and diluted (rupees)	(0.60)	0.49	-

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