NRL - December 2023 HY Financial Report
Declining oil prices in this quarter affected margins and resulted in inventory loss.
High mark-up rates and escalating LC charges also affected profitability.
Slow upliftment of Furnace Oil ahead of winter season exacerbated the situation.
Local sales volume of Lube Base Oils declined by 25% due to planned turnaround of Lube-II Refinery.
Financial constraints and lower product upliftment prevented the Company from increasing throughput, which remained at 50% compared to 56% last year.
Company recorded a loss after tax of Rs. 4,653 million, resulting in a loss per share of Rs. 58.19, compared to a loss after tax of Rs. 5,484 million in the corresponding period.
Fuel segment incurred a loss after tax of Rs. 4,394 million, compared to Rs. 6,049 million in the same period last year.