KARACHI: Attock Petroleum Limited’s profits have increased by 21.5 per cent to Rs2.37 billion during the first nine months of ongoing fiscal year against Rs1.95 billion in the corresponding period of the last year.
According to a notice to PSX, the company’s board of directors announced earnings per share of Rs28.7 in the nine months of FY16 as compared to Rs23.5 per share in the corresponding period of the last year, posting a growth of 22 percent year-on-year.
The company paid income tax of Rs976 million during this period. Gross sales of the company were recorded at Rs111.53 billion against Rs159.94 billion, while the net sales reached Rs84.31 billion against Rs134.62 billion after deduction of sales tax.
However, the cost of production declined to Rs80.96 billion against Rs131.97 billion recorded in the corresponding period of the last year that increased the gross profit to Rs3.35 billion as compared to Rs2.64 billion in the last year.
The growth in earnings during 9MFY16 can primarily be attributed to 27 percent YoY higher gross profit, largely explained by reduced burden of inventory losses. Other income of the company slightly declined to Rs691.66 million from Rs891.30 million during the corresponding period.
On sequential basis, 3QFY16 earnings witnessed a decline of 23 percent quarter-on-quarter to Rs8.9 per share on account of realisation of inventory losses, leading to 28 percent QoQ reduction in the gross profit.
