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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