Shell Pakistan posts Q3 loss per share of Rs2.78
MG News | October 29, 2024 at 02:45 PM GMT+05:00
October 29, 2024 (MLN): Shell Pakistan Limited (PSX: SHEL) incurred a net loss of Rs727.11 million [LPS: Rs2.78] during the quarter ending September 2024 as its margins plummeted.
That compares to a profit of Rs2.91bn [EPS: Rs13.6] recorded in the same period last year (SPLY).
The company's revenue shrank 6.3% to Rs102.16bn as compared to Rs109.08bn in SPLY. Gross profit fell 52.4% to Rs5.43bn in Q3 CY24.
The gross margins worsened to 5.3% as compared to 10.5% in SPLY.
During the period under review, other income rose by 45.1% to stand at Rs757.09m in Q3 CY24 as compared to Rs521.82m in SPLY.
On the expense side, the company's administrative expenses rose 18.2% from a year ago to Rs2.27bn, selling and distribution expenses rose 12.6% to Rs3.7bn, and other operating expenses rose to Rs20.26m.
The company’s finance cost dipped by 43.2% and stood at Rs443.88m as compared to Rs782.07m in SPLY.
On the tax front, the company paid a lower tax worth Rs670.22m against an expense paid worth Rs2.64bn in the corresponding period of last year, a decrease of 74.6%.
This translates to an effective tax rate of -1178.0% as compared to 47.6% in SPLY.
| Unconsolidated (un-audited) Financial Results for quarter ended September 30, 2024 (Rupees in '000) | |||
|---|---|---|---|
| Sep 24 | Sep 23 | % Change | |
| Sales | 102,157,450 | 109,077,998 | -6.34% |
| Cost of sales | (96,723,367) | (97,660,827) | -0.96% |
| Gross Profit/ (loss) | 5,434,083 | 11,417,171 | -52.40% |
| Administrative Expenses | (2,272,235) | (1,922,699) | 18.18% |
| Selling And Distribution Expenses | (3,697,444) | (3,284,990) | 12.56% |
| Other Gains / (Losses) | (132,727) | - | - |
| Share Of Profit / (Loss) | 277,962 | 146,204 | 90.12% |
| Other Income | 757,086 | 521,815 | 45.09% |
| Other Operating Expenses | 20,264 | (545,526) | - |
| Finance Cost | (443,881) | (782,068) | -43.24% |
| Profit/ (loss) before taxation | (56,892) | 5,549,907 | - |
| Taxation | (670,216) | (2,639,488) | -74.61% |
| Net profit/ (loss) for the period | (727,108) | 2,910,419 | - |
| Basic earnings/ (loss) per share | (2.78) | 13.60 | - |
Amount in thousand except for EPS
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