KARACHI: Hascol Petroleum Limited reported a loss of Rs1.74 billion for the first quarter of 2024 (January-March), a notable improvement compared to the Rs7.1 billion loss recorded in the same period last year, according to the company’s consolidated financial results released on Thursday.
For the quarter ending March 31, 2024, the loss per share (LPS) was Rs1.74, a significant reduction from the LPS of Rs7.11 reported in the previous year.
The financial results, disclosed to the Pakistan Stock Exchange (PSX), indicate a decline in net sales to Rs27.95 billion for the first three months of 2024, down from Rs32.47 billion in the same period last year.
The company’s gross profit also fell by nearly 61%, totaling Rs0.93 billion in Q1 2024 compared to Rs2.38 billion in the previous year.
Hascol’s cost of finance rose slightly to Rs2.5 billion during the period, up from Rs2.4 billion year-over-year.
However, the company reported an exchange profit of Rs0.41 billion in the first quarter of 2024, a significant turnaround from the Rs5.92 billion exchange loss recorded in the same period last year.
Additionally, Hascol announced that Abdul Aziz Khalid has resigned from his position as a director on the company’s board, effective August 1, 2024.
