Attock Petroleum’s profit rises 16% to Rs1.5b

Earnings boosted by significantly higher sales

KARACHI: Attock Petroleum Limited’s (APL) profit increased 16% to Rs1.54 billion in the quarter ended September 30, 2018 on the back of significantly higher sales, according to a bourse filing on Friday.

The oil marketing firm had registered a profit of Rs1.33 billion in the same quarter last year, according to the profit or loss account of the company sent to the Pakistan Stock Exchange (PSX). Earnings per share rose to Rs15.55 in the Jul-Sept 2018 quarter compared to Rs13.36 in the corresponding quarter of previous year.



Net sales surged 50% to Rs57.80 billion compared to Rs38.53 billion last year. Cost of products sold swelled 52.5% to Rs55.24 billion compared to Rs36.56 billion. The share of profit from associated companies shrank to a meagre Rs1.6 million in Jul-Sept 2018 compared to Rs67.37 million in the corresponding quarter of previous year.

NRL incurs Rs1b loss

National Refinery Limited (NRL) posted a loss of Rs1.06 billion in the quarter ended September 30, 2018 against a profit of Rs1.70 billion in the same quarter of last year.

The loss came mainly on the back of high cost of sales, which was higher than the sale proceeds in the same quarter of last year.

The company recorded net sales of Rs41.25 billion while the cost of sales stood at Rs41.78 billion.



Sale proceeds, however, were higher by 38% compared to Rs29.92 billion in the same quarter of last year.

Cost of sales was 50% higher from Rs27.78 billion in the same quarter of previous year.

Published in The Express Tribune, October 13^th, 2018.

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