Karachi September 25 2022: Hascol Petroleum Limited posted loss of PKR 2,370 million in the first quarter of 2022 when compared with loss of PKR 936 million during the same period last year, according to company filing to the exchange.
Hascol Petroleum Limited (HASCOL) has announced its first quarter results for the period ended 31 March 2022, on Friday.
The share price of the company drop 6.6 percent of 46 paisa after the result announcement to close trading at PKR 6.5 according to Pakistan Stock Exchange.
Company post 153 percent higher loss due to lower sales, higher finance cost and exchange losses compared to the same period las year's loss.
Company sales decreased by 33 percent in first quarter to PKR 12.8 billion when compared with sales of PKR 19.0 billion in the same period last year. Despite significant decrease in sales company gross profit decline by 3.3 percent in the same period.
Despite the non-availability of working capital lines from banks, the credit support from the company’s single majority shareholder, Vitol, has played a vital role in this achievement.
Company incurred finance cost of PKR 1.7 billion which is 11.4 percent high compare to the same period last year while company booked exchange loss of PKR 531 million when compared with exchange gain of PKR 664 million in the same period last year.
"The Company is encouraged by some recent decisions made by the Government of Pakistan to increase the regulated margins, something which significantly improves the potential profitability of the sector. Any proposed deregulation will bring about a dynamic change to the sector and widespread benefits." says company Chairman Alan Duncan.
The Company’s Board and management very much hope that over the next few months Hascol Petroleum will be put on a sound footing for the years ahead.