Profits of National Refinery Limited up 369 percent

KARACHI: National Refinery Limited (NRL) announced 369 percent in its first quarter profits, amid an increase in the sales and a cut in taxes.

According to its condensed interim profit and loss account statement issued to the Pakistan Stock Exchange on Wednesday, NRL announced a net profit of Rs1.90 billion for the quarter ended September 30 as compared to the profits of Rs406.11 million last year.

The company announced earnings per share (EPS) of Rs23.83 against Rs5.08 in the corresponding period of the last year. NRL did not announce any dividend. Gross sales of the company were recorded at Rs36.53 billion, up 4.4 percent against Rs34.99 billion.

Net sales of the company were recorded at Rs25.73 billion as compared to Rs24.79 billion in the corresponding period of the last year, whereas cost of sales declined to Rs23.49 billion against Rs24.01 billion that increased the profit margins.

A decline in the cost of sales increased the gross profit of the company to Rs2.23 billion from Rs772.79 million last year. Other income of the company remained low at Rs227.70 million from Rs366.97 million in the same period of the last year.