KARACHI: Sui Southern Gas Company Limited (SSGC) has posted Rs3.57 billion losses for the quarter ended December 31, 2015 and Rs3.46 billion for the quarter ended March 31.
SSGC, in its consolidated interim profit and loss statements issued to the Pakistan Stock Exchange, said the major reason behind losses were receivables of Rs56.84 billion due against two companies K-Electric and Pakistan Steel Mills.
SSGC announced losses per share (LPS) at Rs4.06 for the quarter ended December 31, compared to LPS of Rs2.43 in the same quarter of 2014.
Total gas sales for the quarter ended December 31, 2015 remained at Rs55.41 billion as against Rs44.05 billion in the same quarter 2014. However, cost of the gas sales increased to Rs39.86 billion from Rs42.92 billion in the corresponding period last year, resulting in gross losses to Rs3.35 billion after the deduction of Rs8.14 billion sales tax.
In the quarter ended March 31, the company declared losses of Rs3.46 billion as against losses of Rs2.09 billion in the same quarter last year. For this period, the company announced LPS of Rs3.93 compared to LPS of Rs2.38 in the same quarter last year.
During the quarter, total gas sales remained at Rs50.29 billion compared to Rs41.90 billion. Sales tax remained at Rs7.36 billion and cost of sales at Rs38.28 billion that converted profit into losses and the company posted gross loss of Rs1.49 billion.
The company auditors said trade debts include receivable of Rs35.49 billion and Rs21.35 billion from K-Electric Limited and Pakistan Steel Mills, respectively.
