Byco Petroleum Pakistan Limited’s financial results for the first quarter ended September 30th 2011

Karachi: We attach our letter No. BPPL/COR/KSE/092, dated 3rd April 2012, announcing the financial results of the Company for the year for the first quarter ended September 30th 2011.

Financial Results for the Quarter Ended September 30th, 2011

We have to inform you that the Board of Directors of our Company in their meeting held on 3rd April 2012 at 4:00 pm at the corporate office of the Company 10th floor, The Harbour Front, Dolmen City, HC-3, Block-4, Marine Drive, Clifton, Karachi has approved the unaudited Financial Statements of the Company for the quarter ended September 30th, 2011

The financial results of the Company are as follows:

 

Amount in Rs. ‘000
Jul – Sep 2011 Jul – Sep 2010
Net sales 5,347,874 7,899,050
Cost of Sales 5,750,523 7,886,782
——— ———
Gross (loss)/profit (402,649) 12,268
Operating expense
Administrative expenses 199,795 165,840
Selling and distribution expenses 172,270 37,968
——— ———
372,065 203,808
——— ———
Operating loss (774,714) (191,540)
Other income 313,208 140,786
——— ———
(461,506) (50,754)
Financial and other charge
Financial charges 590,365 551,611
Exchange differences – net 95,323 61,036
——— ———
685,688 612,647
——— ———
Loss before taxation (1,147,194) (663,401)
Taxation
Current 20,552 43,569
Deferred (49,080) (25,800)
——— ———
(28,529) 17,769
——— ———
Loss after taxation (1,118,666) (681,170)
——— ———
Loss per share – basic and diluted (Rupees) (1.14) (1.74)

 

Consolidated Profit and Loss Account

 

Amount in Rs. ‘000
Jul – Sep 2011 Jul – Sep 2010
Net sales 5,347,874 7,899,050
Cost of Sales 5,714,401 7,886,782
——— ———
Gross (loss)/profit (366,527) 12,268
Operating expense
Administrative expenses 217,875 194,270
Selling and distribution expenses 172,270 37,968
——— ———
390,145 232,238
——— ———
Operating loss (756,672) (219,970)
Other income 204,595 51,558
——— ———
(552,077) (168,412)
Financial and other charge
Financial charges 605,321 551,684
Exchange differences 95,323 61,036
——— ———
700,644 612,720
——— ———
Loss before taxation (1,252,721) (781,132)
Taxation
Current 21,390 43,569
Deferred (49,355) (25,800)
——— ———
(27,965) 17,769
——— ———
Loss after taxation (1,224,756) (798,901)
——— ———
Loss per share – basic and diluted (Rupees) (1.25) (2.04)

 

During the period under review, the net sales of’ the company have declined to Rs. 5.348 million as compared to Rs. 7.899 million during the same period last year. The Company continued facing significant working capital constraints which resulted in limited supplies and disrupted business operations during the quarter ended September 30, 2011. As a result the company suffered loss after taxation of Rs. 1.188 million for the period as compared to a loss after taxation of Rs. 681 million in the corresponding period last year.

For more information, contact:
Byco Petroleum Pakistan Limited
The Harbour Front, 9th Floor,
Dolmen City, HC – 3, Block – 4,
Marine Drive, Clifton,
Karachi – 75600, Pakistan
UAN: (92 21) 111 222 081
Fax: (92 21) 111 888 081
Web: www.byco.com.pk

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