Attock Petroleum Limited (APL) has announced the financial result for 1HFY19, whereby the company has posted a profit after tax (PAT) of Rs 2.10bn (EPS: PKR 21.13) against Rs 2.81bn (EPS: Rs 28.24) in 1HFY18, down by 25% YoY.
On a sequential basis, earnings clocked-in at Rs 556mn (EPS: Rs 5.58), down by 62% YoY and 64% QoQ compared to Rs 1.48bn (EPS: Rs 14.87) and Rs 1.55bn (EPS: Rs 15.55), respectively.
During 2QFY19, topline of the company settled at Rs 57.72bn, up by 53% YoY on account of higher product prices along with volumetric growth (+7.6% YoY; volumes of Mogas and HSD grew by 24% and 5% whereas FO sales witnessed a steep decline of 50% YoY).
Gross margins of the company fell by 392bps YoY to 2.50% in 2QFY19 compared to 6.42% in 2QFY18.
Despite effective increase in ex-refinery prices in the period under review, decline in gross margins can be attributable to the company recording inventory at lower of cost or net realizable value which resulted in a loss of Rs 500-600mn.
Finance cost jumped up by 58% to Rs 216mn given rise in markup charged on delayed payments.
The company recorded effective taxation at 34.9% in 2QFY19 compared to 28.2% in SPLY.
