Attock Group Announces Financial Results for Q1 FY2019

The Attock Group recently announced the financial results for the first quarter of the fiscal year (Q12019).

Attock Refinery Limited

Attock Refinery Limited (ATRL) has reported a consolidated loss of Rs. 209.3 million during the first quarter of the current fiscal year as compared to Rs 122 million in profit in the same quarter last year due to higher cost of sales.

Overall the net sales increased to Rs 44.45 billion, which was impressively up by 62% from the previous year but higher costs of sales (Rs 45.07 billion) have not only dragged down its gross profits for the quarter but have turned them into a loss.

The company reported its total basic and diluted losses per share at Rs. 1.97 per share as compared with Earnings per share of Rs 11.46 previously.

Attock Petroleum Limited

Attock Petroleum Limited declared its 1st quarter results for Q1FY19, which ended September 30th 2018, posting a profit of Rs 1.5 billion, up by 16.35% as compared to a profit Rs 1.3 billion in the same quarter of previous year.

The increase in earnings was mainly due to higher product margins in rupee and probable inventory gains.

Overall sales of the company increased to Rs 67.31 billion, up by 40% as compared with Rs 48.25 billion last year.

Gross profit of the company reached Rs 2.56 billion in Q1FY19 as compared to Rs 1.97 billion during last year. Earnings per share of the company increased to Rs 15.55 as compared with Rs 13.36 in FY2018.

National Refinery Limited

National Refinery Limited (NRL) announced its Q1FY19 results with a massive loss of Rs 1.06 billion as compared with Rs 1.7 billion in profit last year due to inflated cost of sales, which reached Rs 41.78 billion (almost 50% higher) as the company posted net sales of Rs 41.25 billion.

A tax provision of Rs.254.9 million provided some relief to NRL which was not enough. It reported a loss per share at Rs 13.33 as compared with earnings per share at Rs 21.26.

Attock Cement

Attock Cement Pakistan Limited (ACPL) reported its Q1FY19 financial results as the company reported 30.07% decrease in profits to Rs 423.04 million against Rs 604.94 million in FY2018. The earnings came lower than expected primarily due to lower than estimated gross margins, cost of sales and higher distribution and finance cost.

The revenue of the company escalated by 63% YoY to Rs 5.83 billion during Q1FY19, up by 62.56% versus Rs 3.59 billion recorded last year. The increase in revenues is mainly due to higher dispatches (up 88%YoY). It reported Rs 4.82 billion as cost of sales which brought down the profits.

Earnings per share of the company decreased to Rs 3.69 as compared with Rs 5.28 in FY2018.