Shell Pakistan incurs hefty losses of Rs 4.33 billion in 1QCY20

MG News | May 20, 2020 at 04:06 PM GMT+05:00

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May 20, 2020 (MLN): Due to the uncertain outlook as a result of Covid-19 pandemic, the first quarter of the ongoing fiscal year has been tough for the leading oil marketing company Shell Pakistan Limited as it reported a loss worth Rs 4.33 billion compared to the profits of Rs 256.89 million earned in the corresponding quarter of last year.

The company’s loss per share clocked in at Rs 40.48 against the earnings per share of Rs 2.40 reported in the first quarter of 2019.

The losses were mainly attributable to decline in sales volume which diminished company’s net revenues by 8%. Consequently, Shell’s gross profits deteriorated significantly by 76% YoY.

Furthermore, a considerable jump in Admin cost by 72.17% and other expenses by 316.8% also had a great impact on company’s income as they turned company’s operating profits into operating losses of Rs 3.9 billion.

Shell also witnessed a 74% decline in other income during the quarter under review which further helped in dragging company’s profits into negative territory.

Financial Results for the Quarter ended March 31, 2020 ('000 Rupees)
	Mar-20	Mar-19	% Change
Sales	49,309,716	53,283,294	-7.46%
Other revenue	104,724	236,835	-55.78%
Total revenue	49,414,440	53,520,129	-7.67%
Sales tax	(7,504,663)	(7,939,819)	-5.48%
Net revenue	41,909,777	45,580,310	-8.05%
Cost of products sold	(41,163,967)	(42,460,043)	-3.05%
Gross profit	745,810	3,120,267	-76.10%
Distribution and marketing expenses	(1,747,045)	(1,606,267)	8.76%
Administrative expenses	(1,315,789)	(764,246)	72.17%
Other expenses	(1,667,284)	(400,000)	316.82%
Other income	72,784	279,818	-73.99%
Operating profit/ (Loss)	(3,911,524)	629,572
Finance costs	(432,451)	(330,508)	30.84%
	(4,343,975)	299,064
Share of profit of associates - net of tax	248,228	215,496	15.19%
Loss before taxation	(4,095,747)	514,560
Taxation	(236,715)	(257,666)	-8.13%
Net Loss for the year	(4,332,462)	256,894
Loss per share - basic and diluted (Rupees)	(40.48)	2.40

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