SSGC's losses contract by 11.3% during 1QFY19
MG News | September 14, 2020 at 11:15 AM GMT+05:00
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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