February 17, 2020 (MLN): Byco Petroleum Limited (BYCO) has announced its consolidated financial results for the half-year ended December 31, 2019. As per results, the company has posted a net loss of Rs 22.11 million (LPS: Rs.0.004), which declined by 90% YoY against the net losses of Rs 216 million of the same period last year.
During the period, the company’s net revenues were down by 5.46% YoY, but more than a proportionate decrease in the cost of sales led to a massive increase in its gross profit by 97.66% YoY.
However, the company’s other expenses continued to be a burden on the results as it surged massively by around 70%YoY, from Rs 355 million to Rs. 604 million.
On the other hand, the other income rose by 14% YoY to Rs 694 million which kept the losses in check. The finance cost increased by 11.19% YoY, from Rs 1.52 billion to Rs 1.68 billion due to a substantial increase in interest rate.
|
Consolidated Profit and Loss Account for the half-year ended December 31, 2019 ('000 Rupees) |
|||
|---|---|---|---|
|
|
Dec-19 |
Dec-18 |
% Change |
|
Gross turnover |
125,693,080 |
123,465,241 |
1.80% |
|
Sales tax, discount & other duties |
(31,056,863) |
(23,365,885) |
32.92% |
|
Turnover – net |
94,636,217 |
100,099,356 |
-5.46% |
|
Cost of sales |
(92,511,562) |
(99,024,449) |
-6.58% |
|
Gross profit |
2,124,655 |
1,074,907 |
97.66% |
|
Administrative expenses |
(466,970) |
(430,532) |
8.46% |
|
Selling and distribution expenses |
(226,758) |
(227,662) |
-0.40% |
|
Other expenses |
(604,763) |
(355,716) |
70.01% |
|
Other income |
694,432 |
609,753 |
13.89% |
|
|
(604,059) |
(404,157) |
49.46% |
|
Operating profit/(Loss) |
1,520,596 |
670,750 |
126.70% |
|
Finance cost |
(1,689,017) |
(1,519,104) |
11.19% |
|
Loss before taxation |
(168,421) |
(848,354) |
-80.15% |
|
Taxation |
|
|
|
|
current |
– |
(21,494) |
– |
|
Prior |
47,263 |
554,051 |
-91.47% |
|
Deferred |
99,043 |
99,043 |
0.00% |
|
|
146,306.00 |
631,600.00 |
-76.84% |
|
Loss after taxation |
(22,115) |
(216,754) |
-89.79% |
|
Loss per ordinary share – basic and diluted (rupees) |
(0.004) |
(0.04) |
-90% |
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