August 11, 2021 (MLN): Attock Refinery Limited (PSX: ATRL) has revealed its financial statement today for the year ended on June 30, 2021 as per which the company witnessed a turnaround in eranings and reported a profit worth of Rs1.07 billion (EPS: Rs10.01), compared to the incurred losses of Rs4.69 bn (LPS: 43.95) in FY20.
The profitability of the company is largely attributable to the accelerated economic activities after lifting lockdown restrictions amid Covid-19 pandemic which pushed the demand of petroleum products.
Going by the financial result sent to PSX, the net sales of the company increased by 6.62% YoY, while it’s cost of sales also inched up by 4.24% YoY, as a result of this, the gross loss of the company shrank by 51.69% to Rs2.46 million in FY21 from Rs5.10mn in FY20.
On the expense front, the company witnessed a meagre dip of 5.59% YoY in its administrative expense during FY21 to clock in at Rs830.10mn, against Rs879.23mn in FY20. On the other hand, the distribution cost of the company increased by 8.65% YoY to stand at Rs52.18mn.
With regards to the company’s income, the company observed a decline of 46.73% in its other income head to clock in at Rs1.48bn in FY21.
Financial results of the company further revealed that during the review period, the company witnessed impairment reversal on financial assets of Rs410.6mn, against the impairment loss of Rs347.52mn in FY20.
Meanwhile, the financial cost of the company stood at Rs852mn during FY21, depicting a reduction of 19.82% YoY, compared to FY20. The decline is mainly on the back of lower interest rate regime which has provided some relief to the company’s bottom line.
The company also paid Rs78.94mn in terms of taxation during the review period, compared to Rs1.3bn in FY20.
|
Consolidated profit and loss account for the Year ended June 30, 2021 ('000 Rupees) |
|||
|---|---|---|---|
|
|
Jun-21 |
Jun-20 |
% Change |
|
Gross sales |
192,361,466 |
174,400,900 |
10.30% |
|
Taxes, duties, levies and price differential |
(64,525,537) |
(54,499,745) |
18.40% |
|
Net sales |
127,835,929 |
119,901,155 |
6.62% |
|
Cost of sales |
(130,298,894) |
(124,999,908) |
4.24% |
|
Gross profit/(loss) |
(2,462,965) |
(5,098,753) |
-51.69% |
|
Administrative expenses |
(830,100) |
(879,233) |
-5.59% |
|
Distribution cost |
(52,184) |
(48,028) |
8.65% |
|
Other charges |
(9,283) |
(13,424) |
-30.85% |
|
Other income |
1,483,291 |
2,784,520 |
-46.73% |
|
Impairment loss on financial assets |
410,601 |
(347,521) |
– |
|
Operating loss |
(1,460,640) |
(3,602,439) |
-59.45% |
|
Finance cost |
(852,764) |
(1,063,548) |
-19.82% |
|
Loss before taxation from refinery operations |
(2,313,404) |
(4,665,987) |
-50.42% |
|
Taxation |
78,942 |
1,292,787 |
-93.89% |
|
Loss after taxation from refinery operations |
(2,234,462) |
(3,373,200) |
-33.76% |
|
Profit / (loss) after taxation from non-refinery operations |
3,302,304 |
(1,312,127) |
– |
|
Loss after taxation for the period |
1,067,842 |
(4,685,327) |
– |
|
(Loss)/earnings per share – basic and diluted (rupees): |
|
|
|
|
Refinery operations |
(20.96) |
(31.64) |
-33.75% |
|
Non-refinery operations |
30.97 |
(12.31) |
– |
|
Profit/Loss per share |
10.01 |
(43.95) |
– |
Copyright Mettis Link News
42714
