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HomeEquityShell Pakistan Ltd incurs losses of Rs 1.4 billion

Shell Pakistan Ltd incurs losses of Rs 1.4 billion

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

 

 

Copyright Mettis Link News

Posted on: 2019-08-21T15:34:00+05:00

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