SHEL witnesses 81% decline in PAT during 1QCY19

MG News | April 23, 2019 at 06:05 PM GMT+05:00

0:00

April 23, 2019 (MLN): Shell Pakistan Limited (SHEL) has reported net earnings of Rs. 256 million (EPS: Rs. 2.4) for the quarter ended March 31, 2019, i.e. just about 81% lower than the earnings of Rs. 1.3 billion recorded in the same period last year.

According to a research report by Intermarket Securities, the company suffered a decline of 30% in its gross profit margins on the back of inventory losses and presumably lower lube sales.

Furthermore, the increase in Finance costs was reported to be around 6x higher, primarily due to greater short-term borrowings made by the company.

However, unlike its peers, SHEL has observed an improvement in its market share in the period under review, mainly due to investment in infrastructure and logistics to regain lost business in Furnace Oil (FO).

Profit and loss account for the quarter ended March 31 2019 (Rupees'000)
	Mar-19	Mar-18	% Change
Sales	53,283,294	49,288,567	8.10%
Other revenue	236,835	204,164	16.00%
Sales tax	-7,939,819	-7,875,769	0.81%
Net revenue	45,580,310	41,616,962	9.52%
Cost of products sold	-42,460,043	-37,159,706	14.26%
Gross profit	3,120,267	4,457,256	-30.00%
Distribution and marketing expenses	-1,606,267	-1,317,449	21.92%
Administrative expenses	-764,246	-781,697	-2.23%
Other expenses	-400,000	-796,162	-49.76%
Other income	279,818	104,240	168.44%
Operating profit	629,572	1,666,188	-62.21%
Finance costs	-330,508	-46,706	607.63%
Share of profit of associate - net of tax	215,496	273,932	-21.33%
Profit before taxation	514,560	1,893,414	-72.82%
Taxation	-257,666	-537,450	-52.06%
Profit for the period	256,894	1,355,964	-81.05%
Earnings per share — basic and diluted	2.40	12.67	-81.06%

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