KARACHI: Petroleum refineries, hit arduous by spilling over furnace oil shares because of absence of shoppers, have reported notable losses for six months ended December 31, 2019.
Nationwide Refinery Restricted (NRL) reported a web lack of Rs2.98 billion whereas Attock Refinery Restricted (ARL) posted a consolidated lack of Rs819.77 million throughout the first half of fiscal yr 2019-20, according to agency notifications despatched to the Pakistan Stock Commerce (PSX) on Tuesday.
Earlier, all 5 petroleum refineries of Pakistan confronted the specter of shutdown because of a present glut in December 2019. Later, the federal authorities bailed them out for a restricted interval of two months till February 28, 2020 and directed furnace oil-fired vitality crops to resume manufacturing with a objective to eat the gasoline left unused on the refineries.
Furnace oil worth, nonetheless, dropped spherical 50% to Rs36,000 per ton in December 2019 as compared with Rs76,000 per ton on October 1, 2019.
Nationwide Refinery reported a web lack of Rs2.98 billion throughout the six months ended Dec 2019, which was almost 23% lower than the dearth of Rs3.86 billion within the equivalent interval of earlier fiscal yr.
Its loss per share dropped to Rs37.33 in Jul-Dec 2019 as compared with Rs48.24 throughout the corresponding interval of 2018.
It reported worth of product sales at Rs83.19 billion, which was bigger than the web earnings of Rs80.66 billion. Within the equivalent interval of ultimate yr, the value of product sales stood at Rs81.07 billion and earnings at Rs79.09 billion.
NRL’s share worth dropped Rs1.81, or 1.25%, and closed at Rs143.10 with shopping for and promoting in 822,600 shares on the PSX.
Attock Refinery reported a consolidated lack of Rs819.77 million in Jul-Dec 2019, which was 71% lower than the dearth of Rs2.81 billion within the equivalent interval of ultimate yr. This translated into loss per share of Rs7.69 as compared with Rs26.39.
ARL moreover registered bigger worth of product sales at Rs76.35 billion as compared with web product sales of Rs74.21 billion. It, nonetheless, managed to chop again losses with the receipt of various income of Rs1.72 billion throughout the interval beneath analysis as compared with Rs1.36 billion within the equivalent interval of ultimate yr.
ARL share worth declined Rs3.70, or 3.16%, and closed at Rs113.46 with shopping for and promoting in 1.09 million shares on the PSX.