KARACHI: National Refinery Limited (NRL) booked a loss of Rs77.11 million in the quarter ended Dec 31, compared to a profit of Rs2.06 billion in the same quarter last year, according to a notification sent to the Pakistan Stock Exchange (PSX).
The refinery failed to remain in profit due to massive drop in profit margins. Gross margins declined from 6.5% to 1% in the outgoing quarter due to lower margins in refinery and lube operations, according to a brokerage house.
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The company booked loss per share of Rs0.96 under the reviewed quarter, compared to earnings per share (EPS) of Rs25.79 in the same quarter last year. Net sales of the company rose 17% to Rs31.10 billion from Rs26.60 billion. However, cost of sales surged 27.5% to Rs30.76 billion from Rs24.13 billion.
Finance cost went up to to Rs451 million from mere Rs17 million. Besides, other income fell to Rs139 million from Rs197.5 million. Cumulatively, in the first half of the current fiscal year, the profit shrank 2.5-fold to Rs1.62 billion (EPS of Rs20.30), compared to Rs3.97 billion (EPS of Rs49.62) in the same half last fiscal year 2017.
Published in The Express Tribune, January 24th, 2018.
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