PRL suffers severe loss amid dropping revenue, rising expenses
MG News | October 18, 2024 at 12:37 PM GMT+05:00
October 18, 2024 (MLN): Pakistan Refinery Limited (PSX: PRL) suffered a substantial loss of Rs2.35 billion [LPS: Rs3.73] for the quarter ended September 2024, compared to a positive bottom line of Rs4.48bn [EPS: Rs7.11] reported in the same quarter last year.
According to the profit and loss account, the loss is attributed to a 12.1% drop in sales.
Furthermore, the cost of sales did not decrease by an equivalent amount compared to sales, which worsened the gross profit by 99.4%, resulting in a gross profit of Rs56.35m.
The gross margins worsened to 0.1% as compared to 9.6% in SPLY.
During the review period, PRL experienced an additional setback, with other income contracting by 19.2% to Rs608.25m in Q3 CY24, down from Rs752.29m in the SPLY.
On the expense side, the company's selling expenses rose 29.9% YoY to Rs194.66m, while administrative expenses surged 44.3% YoY to Rs398.95m.
Likewise, other operating expenses spiked 100.2% YoY to Rs1.78bn.
The company’s finance cost marked a decline of 7.6% and stood at Rs826.89m as compared to Rs895.26m in SPLY.
On the tax front, the company received a tax credit worth Rs187.88m against the Rs2.99bn paid in the corresponding period of last year.
To sum up, declining sales combined with a significant increase in operating expenses weighed heavily on the company this quarter, resulting in a severe loss.
| Unconsolidated (un-audited) Financial Results for quarter ended September 30, 2024 (Rupees in '000) | |||
|---|---|---|---|
| Sep 24 | Sep 23 | % Change | |
| Sales | 82,099,486 | 93,374,157 | -12.07% |
| Cost of sales | (82,043,141) | (84,440,745) | -2.84% |
| Gross Profit/ (loss) | 56,345 | 8,933,412 | -99.37% |
| Selling expenses | (194,663) | (149,844) | 29.91% |
| Administrative expenses | (398,946) | (276,533) | 44.27% |
| Share of income / (loss) of associate - accounted for using the equity method | 927 | (346) | - |
| Other Income | 608,245 | 752,292 | -19.15% |
| Other Operating Expenses | (1,783,300) | (890,977) | 100.15% |
| Finance Cost | (826,892) | (895,258) | -7.64% |
| Profit/ (loss) before taxation | (2,538,284) | 7,472,746 | - |
| Final tax / levies | 187,876 | (2,993,650) | - |
| Net profit/ (loss) for the period | (2,350,408) | 4,479,096 | - |
| Basic earnings/ (loss) per share | (3.73) | 7.11 | - |
Amount in thousand except for EPS
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