Attock Refinery’s earnings rise four times in 1H

It posts Rs2.7b profit due to tax reversal, higher sales, non-refinery income

KARACHI: Attock Refinery Limited’s net consolidated profit soared fourfold to Rs2.72 billion in first half of the current fiscal year, buoyed by increased income from associated firms, reversal of tax on profit and higher net sales.

The refinery had recorded a net profit of Rs727.99 million in the same period of preceding year.

Earnings per share (EPS) stood at Rs32 in Jul-Dec 2016 compared to Rs8.53 in the corresponding period of previous year, the company said in a notification to the Pakistan Stock Exchange (PSX) on Friday.

Stock price of the oil refinery fell 3.89%, or Rs19.77, to Rs488.39 with a volume of 4.08 million shares at the PSX.

The share in profit of associated companies (non-refinery income) doubled to Rs1.21 billion in six months from Rs693.45 million in the corresponding period of last year.

The company reported a reversal of tax on profit at Rs953.99 million against tax payment of Rs112.45 million a year earlier.

Net sales rose over 8% to Rs45.51 billion from Rs42.03 billion. Other income increased to Rs537.61 million from Rs475.74 million.

On the flip side, finance cost surged to Rs407.90 million from Rs183.74 million.

In the quarter ended December 31, 2016, the company booked a net consolidated profit of Rs2.03 billion (EPS Rs23.83) against Rs910.34 million (EPS Rs10.67) in the same quarter of previous year.

Published in The Express Tribune, January 28^th, 2017.

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