Karachi November 12 2023: Hascol Petroleum Limited (HASCOL) posted a loss of PKR 2.7 billion in the third quarter of 2023, marking its lowest level since the quarter ending in June 2022.
This decline in losses can be attributed to a 60 basis points increase in margins and a substantial reduction in exchange losses, which reached their lowest point in the last 10 quarters, as reported in the company's filing to the stock exchange.
Following this announcement, the company's share price saw a rise of 18 paisa, equivalent to a 3.4 percent increase, on the Pakistan Stock Exchange.
The company's sales for the third quarter experienced a remarkable 50 percent surge, reaching PKR 36.3 billion compared to PKR 24.2 billion in the same period the previous year. Consequently, Hascol's gross profit for Q3 2023 increased to PKR 1.4 billion, in contrast to PKR 755 million in Q3 2022.
In Q3 2023, the company reported an exchange loss of PKR 113 million, a significant drop from PKR 2.3 billion the previous year, marking the lowest level in the last 10 quarters. On the other hand, interest expenses increased to PKR 2.7 billion, compared to the previous year's expense of PKR 2.2 billion in the same period.
However, in the first nine months of 2023, the company's losses soared to PKR 13.0 billion, primarily due to exchange losses of PKR 6.3 billion and finance costs of PKR 7.7 billion. This is in contrast to the previous year's performance, which had exchange losses of PKR 3.2 billion and finance costs of PKR 5.8 billion during the same period.