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Despite substantially higher net sales and gross profit, Hascol Petroleum Limited sustained a massive loss of Rs7.1 billion in the first three months of 2023 (January-March) compared to loss of Rs2.37 billion reported in the same period of the previous year, showed the company’s consolidated financial results on Tuesday.

Resultantly, loss per share (LPS) of the company stood at Rs7.11 during the quarter ended March 31, 2023, as compared to LPS of Rs2.37 in SPLY.

According to the results provided to the Pakistan Stock Exchange (PSX), Hascol’s net sales during 3MCY23 rose to Rs32.47 billion compared to Rs12.82 billion in the SPLY, an over 153% increase.

The company’s gross profit increased by over 140% clocking in at Rs2.38 billion in 3MCY23, compared to Rs0.99 billion in SPLY.

However, high operating expenses, increase in finance cost and massive exchange loss of nearly Rs5.92 billion pushed earnings in the red.

Hascol’s cost of finance increased to Rs2.4 billion in 3MCY23, as compared to Rs1.77 billion in SPLY, a jump of nearly 36%. The higher finance cost during the period could be attributed to the rise in interest rate during the period.

Meanwhile, the company also sustained exchange losses in 3MCY23, clocking in at Rs5.92 billion as compared to a meager Rs0.53 billion in SPLY, an exponential increase.

Back in June, the Board of Directors of Hascol allowed Taj Gasoline (Private) Limited, an oil marketing company (OMC), to carry out due diligence of the company.

Taj Gasoline, engaged in the fuel retail business, is looking to acquire at least 41% shares of Hascol.

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