Hascol Petroleum Limited has announced its financial results for the three months ended 31 March 2024.
The company has posted a consolidated loss after tax of Rs. 1.7 billion 1QCY24, down 75 percent compared to a loss of around Rs. 7.1 billion in the same period last year.
According to the company’s results, its net sales were down by 14 percent at Rs. 28 billion in 1QCY24, compared to Rs. 32.5 billion in SPLY. Gross profit fell by 61 percent to Rs. 929.5 million during the period in review.
The finance cost of the company saw a 5 percent increase from Rs. 2.4 billion in 1QCY23 to Rs. 2.5 billion in 1QCY24. Hascol’s other income skyrocketed by 696 percent from Rs. 99.7 million to Rs. 793.9 million this year.
Meanwhile, administrative expenses increased to Rs. 295.5 million from Rs. 242.9 million, while distribution and marketing expenses rose slightly by 2 percent to Rs. 907.8 million compared to Rs. 892.6 million in 1QCY23.
The company also reported a massive net exchange gain of Rs. 414.8 million during the period in review, compared to a net exchange loss of Rs. 5.9 billion in SPLY.
The company reported a loss per share (LPS) of Rs. 1.74 as compared to an LPS of Rs. 7.11 last year.
At the time of filing, Hascol’s scrip at the bourse was Rs. 6.55, down by Rs. 0.42 or 6.85 percent, with a turnover of 21.1 million shares on Thursday.
