Shell Pakistan Ltd incurs losses of Rs 1.4 billion

By MG News | August 21, 2019 at 03:34 PM GMT+05:00

0:00

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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