PRL losses soar 11 times to Rs5.1b

Current liabilities exceed its current assets by Rs16,61b as at March 31, 2020

KARACHI: Pakistan Refinery Limited’s (PRL) losses mounted 11-time to Rs5.08 billion in the quarter ended March 31, 2020 mainly due to a notable drop in sales and increase in finance cost.

The losses stood at Rs473.73 million in the same quarter of the last year, the company said in a notification to the PSX. Loss per share soared to Rs11.89 in the quarter under review from Rs1.11 in the corresponding quarter.

Sales dropped 36% to Rs17.12 billion compared to RsRs26.80 billion, while finance cost increased more than double to Rs763.96 million compared to Rs306.09 million. During the nine month period ended March 31, 2020, the company incurred a loss after taxation of Rs6.77 billion (March 31, 2019: loss after tax of Rs3.48 billion) resulting in accumulated loss of Rs17.44 billion (June 30, 2019: Rs10.67 billion), the company said.

“Current liabilities exceeded its current assets by Rs16.61 billion as at March 31, 2020.”

Published in The Express Tribune, April 23^rd, 2020.

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