Karachi August 9 2024: Hascol Petroleum Limited is actively pursuing a restructuring of its banking liabilities to tackle the issues impacting its operational performance.
By addressing these financial challenges, the Company aims to stabilize its financial situation. Once these issues are resolved, the Company is well-positioned to achieve positive results and establish a robust presence in the market.
The Company reported a loss of PKR 1,739 million as compared to loss of PKR 7,092 million during the same period of last year due to better operational performance, stability in dollar rate in 2024 and improved exchange losses. Company accumulated losses reaches PKR 107,578 million at the end of this quarter.
The company faces multiple industry-specific risks, but its primary challenge lies in the costs associated with interest and financial charges on overdue banking liabilities, as well as the lack of working capital banking facilities. These issues, combined with operational bottlenecks and unpaid non-banking creditors, create significant obstacles to the company’s growth and profitability.
The auditors of the Company have expressed an adverse opinion on certain points in their audit report on the financial statements of the company.
