Hascol Petroleum Limited has announced its financial results for the nine months ended 30 September 2022.
It has posted a massive loss of Rs. 9.55 billion, up by 122 percent compared to a loss of around Rs. 4.3 billion in the same period last year, according to a filing at the Pakistan Stock Exchange (PSX).
According to the company’s results, its net sales were down by 5.75 percent to Rs. 46.7 billion as compared to Rs. 49.62 billion in January-September 2021 amid the non-availability of working capital lines from banks due to its financial situation.
Its cost of sales was also down by 8.54 percent to Rs. 44.24 billion from Rs. 48.37 billion. Similarly, net revenue went down by 5.88 percent to Rs. 46.8 billion in January-September 2022 against Rs. 49.8 billion in the same period of last year.
The finance cost of the company saw an 18 percent increase from Rs. 4.94 billion in January-September 2021 to Rs. 5.83 billion in the same period this year. Conversely, Hascol’s other income declined by 92 percent from Rs. 4.36 billion to Rs. 341 million this year.
Administrative expenses increased to Rs. 736.66 million from Rs. 713.26 million, while distribution and marketing expenses slid by 4.27 percent to Rs. 2.15 billion compared to Rs. 2.24 billion during the first nine months of 2022.
The company also reported a net exchange loss of Rs. 3.24 billion during the period in review, which is up by a massive 181 percent as compared to Rs. 1.15 billion recorded in the same period last year.
The company reported a loss per share (LPS) of Rs. 9.56 as compared to an LPS of Rs. 4.31 last year.
Latest updates on the main bourse reveal that Hascol has received feedback from its financial advisor on various equity-raising options for restructuring, including the receipt of a number of non-binding expressions of interest for the acquisition of a strategic equity stake in the company and the option of a retail investment through a rights issue. In this regard, the company’s board of directors has directed the financial advisor to engage further with relevant parties.
Hascol’s scrip at the bourse was closed at Rs. 7.68, down by Rs. 0.19 or 2.41 percent, with a turnover of 41.55 million shares on Thursday.
