Hascol Petroleum Limited has released its financial results for the quarter ending March 31, 2024. The company reported a consolidated loss after tax of Rs. 1.7 billion for 1QCY24, marking a 75 percent decrease from the loss of approximately Rs. 7.1 billion during the same period last year.
The results indicate that net sales declined by 14 percent to Rs. 28 billion in 1QCY24, compared to Rs. 32.5 billion in the previous year. Gross profit also dropped by 61 percent to Rs. 929.5 million. Finance costs increased by 5 percent, rising from Rs. 2.4 billion in 1QCY23 to Rs. 2.5 billion in 1QCY24. However, the company saw a remarkable 696 percent increase in other income, from Rs. 99.7 million to Rs. 793.9 million.
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Administrative expenses grew to Rs. 295.5 million from Rs. 242.9 million, while distribution and marketing expenses slightly rose by 2 percent to Rs. 907.8 million, up from Rs. 892.6 million in 1QCY23. The company reported a significant net exchange gain of Rs. 414.8 million for the period, a stark contrast to the net exchange loss of Rs. 5.9 billion from the previous year. The loss per share (LPS) for the quarter was Rs. 1.74, compared to an LPS of Rs. 7.11 last year. As of the latest update, Hascol’s stock was trading at Rs. 6.55, down by Rs. 0.42 or 6.85 percent, with a turnover of 21.1 million shares on Thursday.
