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The earning of the National Refinery Limited (NRL) in the year ended June 30, 2006 is likely to decline four percent over the preceding year due to relatively low refining margins during the fiscal year.
The financial results of NRL are scheduled to be announced on Thursday and based on estimates the company's earnings for FY06 are expected at Rs 2,044 million, 4 percent lower compared to Rs 2,121 million previously. This translates into an earning per share at Rs 30.68 as against Rs 31.82 previously.
The decline in the bottom line is primarily anticipated on the back of relatively low refining margins during the fiscal. The firming trend of international crude oil prices continued unabatedly to mark record levels on heightened concerns of global demand-supply imbalances, Tanveer Abid at Live Securities said.
On the other hand, average product prices remained relatively stable in the domestic market particularly during the second and third quarter, which eventually resulted in an unfavourable impact on margins.
NRL's July-March 2006 financial results portrayed 12 percent decline in earnings to Rs 1.9 billion (EPS Rs 29.69) as against Rs 2.2 billion (EPS Rs 33.56) previously. NRL's sales during the period were up 37 percent to Rs 59.4 billion. However, 42 percent increase in cost of goods sold to Rs 65.5 billion resulted in 21 percent and 4pps declines in gross profit and gross margins respectively.

Copyright Business Recorder, 2006

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