Sui Southern Reports Rs. 2.65 Billion Loss for 2QFY22

Sui Southern Gas Company Limited (SSGC) announced a consolidated loss of Rs. 2.65 billion in the quarter that ended on December 31, 2021, the government-owned entity announced in a stock filing on Monday.

Apart from the massive losses recorded during the quarter, SSGC posted a loss of Rs. 1.879 billion for the half year (July-December FY22), up by 32 percent year-on-year (YoY) from Rs. 1.42 billion in the same period last year.

The top line for 6MFY22 arrived at Rs. 180 billion, depicting a 17.9 percent YoY rise from Rs. 153 billion in 6MFY21. Net sales during the period clocked in at Rs. 189 billion, up by 27.3 percent YoY from Rs. 148 billion observed in the same period of the previous year.

Administrative and selling expenses increased by 1.26 percent from Rs. 2.34 billion in 6MFY21 to Rs. 2.37 billion in 6MFY22, while other operating expenses increased drastically by 4,671 percent from Rs. 111 million to Rs. 5.32 billion in 6MFY22.

Other income during the period decreased by 18.7 percent YoY from Rs. 9.99 billion to Rs. 8.12 billion. Similarly, the finance cost of the company dipped by 10.2 percent YoY to Rs. 2.22 billion during 6MFY22.

The company’s impairment loss against financial assets stood at Rs. 661 million by the end of 6MFY22, indicating a 69.7 percent decrease from Rs. 2.18 billion recorded in 6MFY21.

SSGC reported a loss per share of Rs. 2.13 during the period, as compared to a loss per share of Rs. 1.62 in the same period last year. During the October-December quarter, it posted a loss of Rs. 3.01 per share.

At the time of filing, the company’s scrip at the bourse was trading at Rs. 9.57, down by Rs. 0.49 or 4.87 percent with a turnover of 1.7 million shares on Monday.

Get Alerts

Follow ProPakistani to get latest news and updates.

ProPakistani Community

Join the groups below to get latest news and updates.