Corporate results: Attock Petroleum’s income drops 24%
Fall in crude oil prices hurts margins of company
PHOTO: FILE
KARACHI:
Earnings of Attock Petroleum Limited fell 24% to Rs3.28 billion in the financial year ended June 2015 compared to the income of Rs4.32 billion in previous year, according to the results announced on Wednesday.
Gross profit of the company dropped 17% to Rs4.92 billion following a decline in oil prices of up to 58% from July 2014 to March 2015, which hurt margins on furnace oil that constituted roughly 46% of the volumes, said Shajar Capital in a research note.
The profitability was severely marred by repeated inventory losses in the past two quarters as well as imposition of super tax at the rate of 3%, it said.
Other income also moved south by 17% to Rs1.15 billion in the wake of delay in recovery of mark-up against delayed payments during the year.
In the fourth quarter (April-June) alone, the company posted a profit of Rs1.33 billion, up 97% compared to Rs0.67 billion in the same quarter of financial year 2013-14 and up 175% from Rs0.48 billion in the third quarter.
According to the company’s management, quarterly net sales increased owing to annualised average volumetric rise of 8% whereas improvement in profitability came on the back of inventory gains of about Rs500 to Rs600 million, Shajar Capital said.
The company announced a final cash dividend of Rs22 per share in addition to the interim dividend of Rs12.50 per share.
National Refinery
National Refinery Limited also declared its financial results for the year 2014-15. Its earnings rose a massive 286% to Rs3.7 billion as opposed to the income of Rs962 million in the previous year.
According to Topline Securities, earnings of the refinery increased because of improvement of 124% in gross profit to Rs6.8 billion mainly due to inventory gains and improvement in gross margins in the latter part of the year.
Along with the results, National Refinery also declared a final cash dividend of Rs10 per share.
Published in The Express Tribune, August 13th, 2015.
Earnings of Attock Petroleum Limited fell 24% to Rs3.28 billion in the financial year ended June 2015 compared to the income of Rs4.32 billion in previous year, according to the results announced on Wednesday.
Gross profit of the company dropped 17% to Rs4.92 billion following a decline in oil prices of up to 58% from July 2014 to March 2015, which hurt margins on furnace oil that constituted roughly 46% of the volumes, said Shajar Capital in a research note.
The profitability was severely marred by repeated inventory losses in the past two quarters as well as imposition of super tax at the rate of 3%, it said.
Other income also moved south by 17% to Rs1.15 billion in the wake of delay in recovery of mark-up against delayed payments during the year.
In the fourth quarter (April-June) alone, the company posted a profit of Rs1.33 billion, up 97% compared to Rs0.67 billion in the same quarter of financial year 2013-14 and up 175% from Rs0.48 billion in the third quarter.
According to the company’s management, quarterly net sales increased owing to annualised average volumetric rise of 8% whereas improvement in profitability came on the back of inventory gains of about Rs500 to Rs600 million, Shajar Capital said.
The company announced a final cash dividend of Rs22 per share in addition to the interim dividend of Rs12.50 per share.
National Refinery
National Refinery Limited also declared its financial results for the year 2014-15. Its earnings rose a massive 286% to Rs3.7 billion as opposed to the income of Rs962 million in the previous year.
According to Topline Securities, earnings of the refinery increased because of improvement of 124% in gross profit to Rs6.8 billion mainly due to inventory gains and improvement in gross margins in the latter part of the year.
Along with the results, National Refinery also declared a final cash dividend of Rs10 per share.
Published in The Express Tribune, August 13th, 2015.