KARACHI: Hascol Petroleum Limited (HASCOL) unveiled its 1QCY19 ended March 31, 2019 financial results wherein the company recorded profit after tax of PKR 675 million translating into earning per share (EPS) of PKR 3.39 versus profit of PKR 730 million and EPS of PKR 3.66 registered in 1QCY18, exhibiting a fall of 8% YoY.[the_ad id=”31605″]“Earnings arrived significantly above our expectation owing to inventory gains likely to have been booked during the quarter,” a report issued by Pearl Securities said.
Sales revenues of the company declined 10% YoY to PKR 49.94 billion in 1QCY19 as compared to PKR 55.66 billion during the same quarter last year, primarily due to lower volumes (FO/HSD/MS: -38%YoY/-26%YoY/-8%YoY) during the quarter.
However, gross profits of the company increased 9% YoY to PKR 2.98 billion in 1QCY19 as compared to PKR 2.74 billion recorded during corresponding quarter of last year, with gross level margins incrementing 1.1pps to 6%, owing to inventory gains likely to have been booked by the company.
As expected, HASCOL booked a lower exchange loss of PKR 180 million (-55%YoY) in 1QCY19 whereas finance cost also surged 277% YoY to PKR 732 million during the quarter.