Friday , 22 September 2017
FY17 proves positive for Attock Refinery as profits double

FY17 proves positive for Attock Refinery as profits double

Attock Refinery Limited’s consolidated profit doubled to Rs7.41 billion in the year ended June 30, 2017 on the back of increased sales and higher income from other than core businesses, according to a bourse filing on Monday.

The company had registered a profit of Rs3.59 billion in the preceding fiscal year.

Earnings per share (EPS) of the refinery surged to Rs86.93 in FY17 from Rs42.20 in the previous year. The board of directors recommended a final cash dividend of Rs6 per share.

Attock Refinery is a listed firm at the Pakistan Stock Exchange. Its stock price increased 0.77% or Rs2.86 to Rs372.71 with a volume of 3.17 million shares.

Net sales surged 52% to Rs101.41 billion in FY17 from Rs66.56 billion last year. Simultaneously, the cost of sales rose 44% to Rs97.07 billion from Rs67.46 billion.

Other income swelled 55% to Rs1.43 billion from Rs927.38 million. Impairment reversal on investments in associated companies widened to Rs1.25 billion from Rs1.07 billion.

However, the share in profit of associated companies dropped 25% to Rs2.43 billion from Rs3.23 billion.

Finance cost shot up eight times to Rs1.26 billion from a meagre Rs156.88 million.

The Express Tribune

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