National Refinery Limited (NFL), another (51%-owned) subsidiary of Attock Oil Group of Companies, reported an after-tax profit of Rs 1.62 billion during the six-month period ended December 31, 2017 – down by 59.09% as compared to Rs 3.96 billion in the same period last year.
Earnings per share (EPS) in the half year fell down to Rs 20.49, down by 58.71 compared to an EPS of Rs 49.62 in the same period of 2016.
HCY17 result saw an increase in company revenue by 16.63 percent but a saw an increase in cost of sales up to 22.91% percent.
The gross profit shrank down to 47.23% during this period as compared to last year. However, the finance cost of the company saw a massive increase of 677% as compared to last year’s financial cost of the company.
Despite a marked reduction in company’s operating expenses the company could not even break even during the quarter. The company also reported losses during the last quarter of year 2017, with total loss clocking in at Rs. 77 million rupees.
At the time of filing this report, NRL’s script at the bourse was trading at Rs 416.00, up by +0.13% with a turnover of 202,200 shares.
Petroleum refineries were trapped in the worst operational crisis in the country’s history due to government’s inefficiency and poor planning.
With the sudden closure of power plants during this quarter, it had brought petroleum refineries to the verge of closure as their furnace oil supplies plunged to zero and storages were filled to the brim. With no storage capacity, the refineries were forced to stop production of furnace oil as well as other petroleum products like jet fuel, petrol, diesel and kerosene oil, industry.
NRL is engaged in the manufacturing, production and sale of large range of petroleum products. The refinery complex of the Company comprises of three refineries, consisting of two lube refineries and one fuel refinery
It operates through Fuel and Lube segments. The Fuel segment provides high speed diesel, naphtha, motor gasoline, liquefied petroleum gas, jet fuel, and furnace oil products. The Lube segment offers various types of lube base oil, asphalt, wax free oil, bitumen, furnace oil, wax, rubber process oil, and other petroleum products.