Attock Refinery Limited (PSX: ATRL) posted its 1HFY17 result last Friday which saw the companys unconsolidated result witnessing significant growth as compared to the corresponding period last year. The companys net sales saw an increase of 8 percent year on year whereas the gross profit increased by almost 400 percent.
Although administrative expenses increased modestly by 16 percent this was partially offset by the increase in other income. The company saw its finance cost rise by 122 percent as compared to 1HFY16.
The real impact on ATRLs bottomline came from a tax reversal though which result in taxation going down by almost Rs1 billion which is almost ten times lower than the same period last year. This coupled with an increase in the share of profit of associated companies by 76 percent created a favourable impact on profit after tax.
This resulted in an EPS of Rs32 as compared to Rs8.53 in 1HFY17. The real boost came from refinery operations which saw the EPS rise tremendously. ATRLs gross and net margins both registered an increase with the former rising by 135 bps and net margins rising by almost 400 bps.
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