Karachi September 5 2023: Hascol Petroleum Limited (HASCOL) reported loss of PKR 7.1 billion for the first quarter on higher exchanges losses and finance cost, according to company filing to the exchange.
Share price of the company drop by 12 paisa or 2.3 percent after the announcement at Pakistan Stock Exchange.
Sales of the company rose by 2.5 times to PKR 32.1 billion for the quarter againt PKR 12.5 billion last year. Subsequently, gross profit of Hascol increased to PKR 2.3 billion in Q1 2023 when compared with PKR 919 million in Q1 2022.
Company booked exchange loss of PKR 5.9 billion in Q1 2023 from PKR 531 million last year. Whereas, interest expense increased to PKR 2.4 billion when compared with expense of PKR 1.7 billion in the same period last year.