Hascol posts loss of Rs1.74bn in first quarter of 2024

Hascol Petroleum Limited sustained a loss of Rs1.74 billion in the first three months of 2024 (January-March), compared to a loss of Rs7.1 billion reported in the same period last year (SPLY), showed the company’s consolidated financial results on Thursday.

Loss per share (LPS) of the company stood at Rs1.74 during the quarter ended March 31, 2024, as compared to LPS of Rs7.11 in SPLY.

According to the results provided to the Pakistan Stock Exchange (PSX), Hascol’s net sales during 3MCY24 decreased to Rs27.95 billion compared to Rs32.47 billion in the SPLY.

January-March 2023: Hascol sees loss of Rs7.1bn in three months

The company’s gross profit decreased by nearly 61%, clocking in at Rs0.93 billion in 3MCY24, compared to Rs2.38 billion in SPLY.

Hascol’s cost of finance increased to Rs2.5 billion in 3MCY24, as compared to Rs2.4 billion in SPLY.

Meanwhile, the company posted an exchange profit of Rs0.41 billion in the first three months of 2024, as compared to a loss of Rs5.92 billion in the SPLY.

In a separate notice to the bourse, the company on Thursday informed that Abdul Aziz Khalid resigned as director from the Board of Hascol Petroleum Limited with effect from August 1, 2024.