KARACHI: Attock Petroleum Limited (APL) unveiled its 3QFY19 ended March 31, 2019 financial results with profit after tax at Rs 284 million (EPS Rs2.86) versus Rs1.453 billion (EPS Rs14.60) in the corresponding quarter last year, down 80 percent.
“The earnings arrived well below our as well as market expectation most probably on the back of hefty inventory losses booked by the company during the quarter,” an analyst at Pearl Securities said.
Sales revenue of the company arrived 8.0% higher at Rs48.92 billion during 3QFY19 as despite decline in company’s overall volumetric sales during 3QFY19 (-8%), higher local POL prices supported top-line.
Gross profits of the company arrived at Rs881 million as compared to Rs2.471 billion in 3QFY18, down 64% on the back of hefty inventory losses likely to have been booked during the quarter.
Other income rose 27% at Rs241 million in 3QFY19 whereas net finance income increased 26% to Rs170 million during the period.
Attock Petroleum Limited is Pakistani oil marketing company based in Rawalpindi, Pakistan. It started its operations in 1998 and is third largest oil marketing company in Pakistan. It is part of Pakistani conglomerate company Attock Group. [the_ad id=”31605″]