The Attock Group recently announced the financial results for the third quarter of the fiscal year (Q3FY2019).
Pakistan Oil Fields
Pakistan Oilfields Limited (POL) has announced a profit of Rs. 3.28 billion for the quarter ended March 31, 2019, i.e. around 6% higher than the profit of Rs. 3.10 billion in the same period last year.
During the quarter, POL’s net sales grew by 22.2% to Rs. 10.68 billion as compared with Rs. 8.74 billion in the previous year which is mainly because of the Rupee’s devaluation against the US dollar.
Moreover, the Arab Light crude prices during the outgoing quarter declined by 3%, while oil and gas production of the company fell by 5% each according to Topline Securities. Operating costs of the company grew to Rs. 2.82 billion from Rs. 2.39 billion. The company reported a gross profit of Rs. 5.68 billion, up by 38.2% against Rs. 4.11 billion in the same period last year.
The exploration charges were clocked in at Rs. 1.09 billion, up by 4 times as compared to last year due to higher geological and geographical cost. The company’s other income was up by 14.59% to Rs. 848 million.
Earnings per share of the company were increased to Rs. 11.58 from Rs. 10.94.
Attock Refinery Limited
Attock Refinery Limited (ATRL) has reported a loss of Rs. 104 million during the third quarter of the current fiscal year as compared to Rs. 62 million in profit in the same quarter last year due to a higher cost of sales.
Overall the net sales increased to Rs. 42.34 billion, which was up by 26.16% from the previous year but higher costs of sales (Rs. 42.82 billion) have dragged down its gross profits for the quarter into a loss of Rs. 476 from Rs. 284 million losses in the last period
Moreover, the company’s expenses were increased by 19.08%. The company reported its loss per share at Rs. 0.98 from Rs. 0.58.
Attock Petroleum Limited declared its 3rd quarter results, which ended on March 30th, 2019, posting a profit of Rs. 284 million, down by 80.41 % as compared to a profit Rs. 1.45 billion in the same quarter of the previous year.
The company’s net sales revenue grew by 8.35% to Rs. 48.92 billion on the back of higher international crude oil prices that restricted the impact of lower volumetric sales by 10% YoY. On the other hand, the cost of sales surged by 12.56% to Rs. 48.04 billion.
Gross profits plunged by 64% YoY and witnessed a margin contraction to 1.8% due to high inventory losses.
Earnings per share of the company decreased to Rs. 2.86 from Rs. 14.80.
National Refinery Limited
National Refinery Limited (NRL) announced its Q3FY19 results with a massive loss of Rs. 1.32 billion as compared with a loss of Rs. 54.59 million last year.
The reason for the unfortunate loss was the increase in company’s cost of sales by 27.20%, which mitigated the impact of an increase in net sales revenue as it was reported at Rs. 37.65 Billion, up by 21.22% and led to a negative gross loss of Rs. 792 million against a gross profit of Rs. 830 million
The taxation costs were massively increased to Rs. 361 million. The company reported a loss per share of Rs. 16.61 against loss of Rs. 0.68 in the previous year.
Attock Cement Pakistan Limited has announced its 3QFY19 results, wherein the company’s profit was stated at Rs. 559 million, down by 17% as compared with a profit of 673 million in the previous year.
Its sales revenue has increased by 22.72% to Rs. 5.51 billion as compared with Rs. 4.50 billion in the same period last year. The rise in revenue is mainly because of growth in dispatches by 23.45%/YoY in which exports managed a major increment of 121.78% in 3QFY19/YoY.
The cost of sales was increased to Rs. 4.15 billion. The gross profit was stated at Rs. 1.36 billion
Earnings per share of the company were stated at Rs. 4.07 against Rs. 4.90 in the same quarter last year.