NRL profit doubles to Rs7.68b

KARACHI: National Refinery Limited’s (NRL) profit doubled to Rs7.68 billion in the fiscal year ended June 30 because of a significant decline in the cost of sales, according to a bourse filing on Monday.

The company had earned Rs3.70 billion in the preceding year. Earnings per share stood at Rs96.14 in 2015-16 compared to Rs46.38 in the previous year.

The growth in profit, however, failed to encourage equity investors perhaps because of no recommendation of disbursement of dividend and other entitlements to the shareholders. Share price of the company dropped Rs3.61, or 2.37%, and closed at Rs559.58 with a turnover of 1.56 million shares at the stock exchange.

Cost of sales fell 42% to Rs82.74 billion in the year under review as opposed to Rs141.61 billion in the previous year. Gross sales declined 25% to Rs141.29 billion from Rs188.93 billion in the previous year.

Published in The Express Tribune, August 16^th, 2016.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.