SSGC incurs Rs4.6bn losses in 1QFY19

October 18, 2021 (MLN): Sui Southern Gas Company Limited (SSGC) has revealed its financial results today for the quarter ended on September 30, 2019, as per which the company posted a loss after tax Rs4.6bn, depicting a notable surge of 41.61% as compared to the loss of Rs3.24bn incurred during the same period last year (SPLY).

This reflected in the company’s loss per share which stood at Rs4.59 in 1QFY19, depicting an increase in loss per share by Rs1.54 as compared to 1QFY18.

As per financial statement issued to PSX, the volume of SSGC’s sales increased by 47.26%, reached to Rs82.18bn in 1QFY19 against Rs55.81bn in the SPLY. During the period, the company paid Rs12.23bn as sales tax, as compared to Rs7.13bn paid in 1QFY18.

The company also received an amount of Rs742.31million in terms of gas development surcharge during the period under review. However, there is a significant decline in the relief amount by 95%, compared to the SPLY. At the same time, the RLNG differential margin plummeted by 93% to stand at Rs272.48mn stand at Rs in 1QFY19.

Accordingly, the company’s net sales moved up by 17.46% YoY to Rs70.42bn from Rs59.96bn reported in 1QFY18.

On the cost front, the cost of the company’s sales stood at Rs79bn in 1QFY2019 against Rs61.70bn in the SPLY, which posted a drop of 28% YoY.

In addition, the company also observed impairment loss against financial assets in 1QFY19 which stood at Rs325.44million.

Going by the financial statement, the other operating expenses of the company fell by approximately 98% to Rs32.24mn as compared to expenses Rs1.14bn incurred in 1QFY18.

On the other hand, the finance cost plunged to Rs1.16bn, against Rs1.76bn in SPLY.

On the taxation front, the company paid Rs586.36mn during 1QFY19 posted a significant surge of 86% as compared to Rs315.4mn paid in the SPLY.

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