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
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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