Hascol Petroleum Limited has announced its financial results for the three months ended 31 March 2023.

The company has posted a massive loss of Rs. 7.1 billion 1QCY23 compared to a loss of around Rs. 2.37 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 up by 153 percent at Rs. 32.47 billion in 1QCY23, compared to Rs. 12.82 billion in SPLY. Gross profit jumped by 140.1 percent to Rs. 2.38 billion during the period in review.

The finance cost of the company saw a 35.4 percent increase from Rs. 1.77 billion in 1QCY22 to Rs. 2.4 billion in 1QCY23. Hascol’s other income skyrocketed by 390 percent from Rs. 20.3 million to Rs. 99.7 million this year.

Meanwhile, administrative expenses decreased to Rs. 242.9 million from Rs. 278.9 million, while distribution and marketing expenses jumped by 26.3 percent to Rs. 892.6 million compared to Rs. 706.9 million in 1QCY22.

The company also reported a massive net exchange loss of Rs. 5.91 billion during the period in review, compared to Rs. 531.3 million in SPLY.

The company reported a loss per share (LPS) of Rs. 7.11 as compared to an LPS of Rs. 2.37 last year.

Hascol’s scrip at the bourse closed at Rs. 4.94, down by Rs. 0.15 or 2.95 percent, with a turnover of 1,239,000 shares on Tuesday.

Source: ProPakistani