August 21, 2019 (MLN): Shell Pakistan Limited has incurred losses of Rs. 1.4 billion (LPS: Rs. 13.53) for the half year ended June 30, 2019, in contrast to profits of Rs. 1.6 billion (EPS: Rs. 14.98) recorded in the same period of last year.
The net revenue during the period surged by 12.5%, whereas COGS grew by 13.61%. This led to nearly 1.5% increase in gross profits.
The company came under severe financial pressure after the non-core expense increased by 71%, from Rs. 1.8 billion to Rs. 3.2 billion. This resulted in an operating loss of Rs. 259.1 million.
Moreover, the finance cost of the company grew 6X during the period, owing to increase in policy rate.
Profit and loss account for the half year ended June 30, 2019 (Rupees'000) | |||
|---|---|---|---|
| June, 2019 | June, 2018 | % Change |
Sales | 116,844,907 | 106,434,056 | 9.78% |
Other revenue | 436,810 | 448,044 | -2.51% |
Sales tax | -16,136,493 | -16,976,565 | -4.95% |
Net revenue | 101,145,224 | 89,905,535 | 12.50% |
Cost of products sold | -92,728,582 | -81,619,815 | 13.61% |
Gross profit | 8,416,642 | 8,285,720 | 1.58% |
Distribution and marketing expenses | -3,448,858 | -2,840,859 | 21.40% |
Administrative expenses | -2,360,077 | -2,012,113 | 17.29% |
Other expenses | -3,245,246 | -1,897,858 | 71.00% |
Other income | 378,350 | 268,974 | 40.66% |
Operating (loss) / profit | -259,189 | 1,803,864 |
|
Finance costs | -726,846 | -93,249 | 679.47% |
Share of profit of associate – net of tax | 460,094 | 487,224 | -5.57% |
(Loss) / Profit before taxation | -525,941 | 2,197,839 |
|
Taxation | -921,517 | -594,463 | 55.02% |
Net (loss) / profit for the period | -1,447,458 | 1,603,376 |
|
(Loss) / Earnings per share- basic and diluted (Rupees) | -13.53 | 14.98 |
|
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