Shell Pakistan suffers losses of Rs 877 mln

MG News | October 22, 2019 at 04:34 PM GMT+05:00

0:00

October 22, 2019 (MLN): Shell Pakistan Limited (PSX: SHEL), the second-largest oil marketing company in the country has posted a loss of Rs 877.5 million for the nine months ended September 2019 against the profits of Rs 1.9 million booked in the same period last year.

The loss per share of the company reported at Rs 8.2 per share.

The company incurred losses mainly due to upsurge in operating expenses as its distribution and marketing expenses mounted by 17.7%, admin expenses increased by 15.7% and other expenses inflated by 25.6% YoY.

In addition, despite a 39% rise in other income, a colossal rise in finance cost due to higher interest rates during the period further hurt the company’s profitability.

Financial Results for the nine-month period ended September 30th 2019 ('000 Rupees)
	Sep-19	Sep-18	% Change
Sales	171,713,929	159,441,070	7.70%
Other revenue	599,205	659,933	-9.20%
Sales tax	(25,676,502)	(24,035,864)	6.83%
Net revenue	146,636,632	136,065,139	7.77%
Cost of products sold	(134,695,594)	(124,357,811)	8.31%
Gross profit	11,941,038	11,707,328	2.00%
Distribution and marketing expenses	(5,203,968)	(4,419,311)	17.76%
Administrative expenses	(3,835,610)	(3,315,519)	15.69%
Other expenses	(2,776,205)	(2,210,234)	25.61%
Other income	462,188	332,930	38.82%
Operating profit	587,443	2,095,194	-71.96%
Finance costs	(1,116,704)	(196,967)	466.95%
Share of profit of associates - net of tax	656,140	732,067	-10.37%
Profit before taxation	126,879	2,630,294	-95.18%
Taxation	(1,004,393)	(692,725)	44.99%
Profit for the period	(877,514)	1,937,569
Earnings per share - basic and diluted (Rupees)	(8.20)	18.11

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