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Shell Pakistan suffers losses of Rs 877 mln

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

 

 

Copyright Mettis Link News

Posted on: 2019-10-22T16:34:00+05:00

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