SSGC’s losses contract by 11.3% during 1QFY19

September 14, 2020 (MLN): Sui Southern Gas Company (SSGC) has revealed the financial result for the quarter ended September 30, 2018, which shows a loss of Rs. 3.24 billion (LPS: 3.67) for the period i.e. 11.3% lesser than that of the same period of the previous year.

According to the company’s financial report, the net sales increased by around 52% on the back of a heavy increase in gas development surcharge, 6.53x to be precise. The gross sales of the company, too, showed a growth of 29%.

On the other hand, the cost of sales increased by a margin of 55%, which led to gross losses of Rs. 1.74 billion i.e. a whopping 5.9x higher than the SPLY.

Further pressure was exerted by the 61% increase in finance cost, along with a 46% surge in non-core expenses. However, the impact of these changes was negated by an 88% decline in the income tax expense.

Consolidated Financial Results for the quarter ended September 30, 2018 (Rupees'000)

 

Sep-18

Sep-17

% Change

Sales

        55,808,644

        43,275,697

29.0%

Sales tax

        (7,127,756)

        (5,794,178)

23.0%

Gas development surcharge

        15,487,237

           2,054,740

653.7%

RLNG differential margins

        (4,212,852)

  

Net sales

        59,955,273

        39,536,259

51.6%

Cost of sales

      (61,703,763)

      (39,789,298)

55.1%

Gross Loss

        (1,748,490)

            (253,039)

591.0%

Administrative and selling expenses

        (1,149,173)

        (1,102,200)

4.3%

Other operating expenses

        (1,410,822)

            (965,128)

46.2%

Other operating income

           3,136,564

           2,529,787

24.0%

Finance cost

        (1,757,469)

        (1,088,990)

61.4%

Loss before taxation

        (2,929,390)

            (879,570)

233.0%

Taxation

            (315,400)

        (2,777,310)

-88.6%

Loss for the period

        (3,244,790)

        (3,656,880)

-11.3%

Loss per share

-3.68

-4.15

-11.3%

 

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Posted on: 2020-09-14T11:15:00+05:00

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