July 30, 2019 (MLN): Attock Petroleum Limited (APL) has incurred a 30% decline in its annual net profit for FY19 which stood at Rs.3.96 billion (EPS: RS.39.79 per share) against prior year’s profit of Rs.5.66 billion (EPS: Rs.56.83 per share).
The company’s profits came down on account of cost overrun which pulled gross profit (Rs.8.2 billion) by 16%, YoY. Therefore, the gross margin shrunk by 129 basis points.
Moreover, the operating expenses (Rs.3.6 billion) expanded by 41% over the year, thus bringing down the operating profit (Rs.5.7 billion) by 29%, YoY.
In addition to this, a final cash dividend at Rs.10 per share, i.e. 100%, in addition to an interim dividend already paid at Rs.10 per share, was recommended.
Profit and Loss Account for the Year Ended June 30, 2019 (‘000 Rupees) |
|||
---|---|---|---|
|
Jun-19 |
(Restated) |
% Change |
Sales |
256,661,187 |
216,888,196 |
18.34% |
Sales tax and other govt levies |
(33,606,835) |
(39,671,459) |
-15.29% |
Net sales |
223,054,352 |
177,216,737 |
25.87% |
Cost of products sold |
(214,833,185) |
(167,473,443) |
28.28% |
Gross profit |
8,221,167 |
9,743,294 |
-15.62% |
Other income |
1,148,305 |
884,577 |
29.81% |
Net impairment losses on financial assets |
(70,798) |
(1,932) |
3564.49% |
Operating expenses |
(3,590,296) |
(2,540,614) |
41.32% |
Operating Profit |
5,708,378 |
8,085,325 |
-29.40% |
Net finance income |
550,298 |
677,601 |
-18.79% |
Share of loss of associated companies |
(222,485) |
(34,139) |
551.70% |
Other charges |
(313,334) |
(439,475) |
-28.70% |
Profit before taxation |
5,722,857 |
8,289,312 |
-30.96% |
Provision for income tax |
(1,762,251) |
(2,632,963) |
-33.07% |
Profit for the year |
3,960,606 |
5,656,349 |
-29.98% |
Earnings per share – basic and diluted (Rupees) |
39.79 |
56.83 |
-29.98% |
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