Shell incurs losses of Rs1.1 billion on account of excessive surge in non-core expenses

MG News | March 07, 2019 at 11:02 AM GMT+05:00

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March 7, 2019 (MLN): Shell Pakistan Limited announced its financial earnings report on Wednesday, as per which the company has incurred net losses of Rs. 1.1 billion for the year ended December 31, 2018, as compared to profits of Rs. 3.1 billion earned last year.

Consequently, the company booked a Loss per share of Rs. 10.3 for the aforementioned period, as compared to Earning per share of Rs. 29.74 booked last year.

The reason for company’s disappointing performance was the excessive surge in other expenses by 260%, i.e. Rs. 3.6 billion.

Moreover, increase in Administrative expenses by 21% also gave a blow to the financial position of the company.

Profit and loss account for the year ended December 31 2018 (Rupees'000)
	Dec-18	Dec-17	% Change
Sales	214,211,920	205,791,893	4.09%
other revenue	941,081	985,737	-4.53%
Sales tax	-28,949,466	-37,909,193	-23.63%
Net revenue	186,203,555	188,848,437	-1.40%
Cost of products sold	-170,779,180	-153,972,023	10.92%
Gross profit	16,424,375	14,876,414	10.41%
Distribution and Marketing expenses	-6,482,137	-6,018,105	7.71%
Administrative expenses	-5,028,800	-4,148,186	21.23%
Other expenses	-5,084,078	-1,411,489	260.19%
Other income	607,050	419,569	44.68%
Operating (loss)/ Profit	-663,590	3,720,233
Finance costs	-370,169	-235,049	57.49%
Share of profit of associate - net of tax	974,075	837,776	16.27%
(Loss)/profit before taxation	-59,674	4,322,980
Taxation	-1,042,311	-1,140,258	8.59%
Net (loss)/Profit for the year	-1,101,985	3,192,702	-
(Loss) / Earnings per share- basic and diluted	-10.30	29.74

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