July 29, 2019 (MLN): Attock Refinery Limited has announced cumulative losses of Rs. 8.6 billion for the year ended June 30, 2019, as compared to profits of Rs. 1.3 billion last year. Moreover, it reported a Loss per share of Rs. 80.78 during the period, as opposed to Earnings per share of Rs. 13.03 last year.
According to the financial earnings report issued to Pakistan Stock Exchange, the company’s loss after taxation from refinery operations stood at Rs. 6.5 billion, i.e. around 5X higher than the losses of last year.
Similar to last year, the company’s cost of sales exceeded the net revenue, which resulted in a gross loss of Rs. 3.9 billion.
Other disappointing factors that contributed in the company’s dismal performance included surge in finance cost by 126%, as well as income tax expense by 40%.
|
Profit and loss account for the year ended June 30, 2019 (Rupees'000) |
|||
|---|---|---|---|
|
|
June 30, 2019 |
June 30, 2018 |
% Change |
|
Gross sales |
231,395,851 |
179,501,046 |
28.91% |
|
Taxes, duties, levies, discounts and price differential |
-54,557,248 |
-49,833,990 |
9.48% |
|
Net sales |
176,838,603 |
129,667,056 |
36.38% |
|
Cost of sales |
-180,815,670 |
-130,675,227 |
38.37% |
|
Gross loss |
-3,977,067 |
-1,008,171 |
294.48% |
|
Administration expenses |
-738,603 |
-696,359 |
6.07% |
|
Distribution cost |
-52,019 |
-50,156 |
3.71% |
|
Other charges |
-6,614 |
105,901 |
|
|
Other income |
2,782,176 |
1,978,355 |
40.63% |
|
Impairment loss on financial asset |
-140,683 |
|
|
|
Operating (loss) / profit |
-2,132,810 |
329,570 |
|
|
Finance cost |
-6,623,676 |
-2,925,299 |
126.43% |
|
Loss before taxation from refinery operations |
-8,756,486 |
-2,595,729 |
237.34% |
|
Taxation |
2,240,405 |
1,593,206 |
40.62% |
|
Loss after taxation from refinery operations |
-6,516,081 |
-1,002,523 |
549.97% |
|
(Loss) / Profit after taxation from non-refinery operations |
|
|
|
|
(Impairment) / reversal on investment in associated company |
-1,913,702 |
178,420 |
|
|
Share in (loss) / profit of associated companies |
-182,473 |
2,212,851 |
|
|
(Loss) / Profit for the year |
-8,612,256 |
1,388,748 |
|
|
(Loss) / Earnings per share – basic and diluted (Rupees) |
-80.78 |
13.03 |
|
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