SSGC suffers losses of Rs 3.6 billion during 1QFY18

MG News | July 30, 2020 at 12:33 PM GMT+05:00

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July 30, 2020 (MLN): Sui Southern Gas Company has announced the financial results for the quarter ended September 30, 2017, which shows that the company incurred losses of Rs. 3.6 billion (LPS: Rs. 4.15) during the period, as compared to the profits of Rs. 4.2 billion reported in the same period of the year prior to it.

As shown in the table below, the losses were a result of a decline in topline earnings of the company by 17%, as well as an increase in the cost of sales by 13%.

The company also suffered a 42% decline in its non-core income; however, some respite was gained from a 54% drop in other expenses.

There was a 69% increase in the company’s finance costs, which placed further strain on the net earnings. This was coupled with a 2.06x increase in the income tax expense, which translates into an amount of around Rs. 1.87 billion.

Financial Results for the quarter ended September 30, 2017 (Rupees' 000)
	Sep-17	Sep-16	% Change
Sales	43,275,697	52,190,418	-17.1%
Sales tax	(5,794,178)	(7,296,824)	-20.6%
Gas development surcharge	2,054,739	(5,142,905)
Net sales	39,536,258	39,750,689	-0.5%
Cost of sales	(39,789,298)	(35,193,791)	13.1%
Gross (loss)/Profit	(253,040)	4,556,898
Administrative expenses	(1,102,200)	(1,013,571)	8.7%
Other operating expenses	(965,128)	(2,117,439)	-54.4%
Other income	2,529,787	4,351,141	-41.9%
Finance costs	(1,088,990)	(642,253)	69.6%
(Loss)/Profit before taxation	(879,571)	5,134,776
Taxation	(2,777,310)	(907,173)	206.1%
(Loss)/Profit after taxation	(3,656,881)	4,227,603
(Loss)/Earnings per share	-4.15	4.8

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