Byco Petroleum Pakistan Limited’s financial results for the year ended June 30, 2011

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Karachi: We attach our letter No. BPPL/COR/KSE/081, dated 27th January 2012, announcing the financial results of the Company for the year ended June 30th 2011.

Financial Results for the Year Ended June 30th 2011

We have to inform you that the Board of Directors of our Company in their meeting held on Friday, 27th January 2012 at 5:00 pm at the corporate office of the Company, 10th Floor, The Harbour Front, Dolmen City, HC-3, Block-4, Marine Drive, Clifton, Karachi has approved the Audited Financial Statements of the Company for the year ended June 30th, 2011.

The financial results of the Company are as follows:

 

	2011	2010
	(Rupees in 000’s)
Gross Sales	43,927,007	48,505,4745
Less: Government levies	(4,982,737)	(7,408,038)
	———-	———–
Net Sales	38,944,270	41,097,707
Cost of Sales	38,272,598	40,430,407
	———-	———–
Gross profit / (loss)	611,672	67,300
Operating expenses
Administrative expenses	814,485	594,539
Selling and distribution expenses	982,753	637,710
	———-	———–
	1,797,238	1,232,249
	———-	———–
Operating loss	(1,125,566)	(564,969)
Other income	1,371,849	2,103,542
	———-	———–
	246,283	1,538,593
Financial and other charges
Financial charges	2,096,290	2,335,660
Other Charges	–	690,460
	———-	———–
	2,096,290	3,026,120
	———-	———–
Loss before taxation	(1,850,007)	(1,487,527)
Taxation
Current year	240,157	249,373
Prior year	7,761	–
Deferred	(110,966)	(120,549)
	———-	———–
	136,952	128,824
	———-	———–
Loss after taxation	(1,986,959)	(1,616,351)
	———-	———–
Loss per share – Basic (Rupees)	(4.91)	(4.42)
	———-	———–
Loss per share – Diluted (Rupees)	(4.91)	(3.57)

 

 

 

Consolidated Profit and Loss Account	2011	2010
	(Rupees in 000’s)
Gross Sales	43,927,007	48,505,145
Less: Government levies	(4,982,737)	(7,408,038)
	———-	———–
Net Sales	38,944,270	41,097,707
Cost of Sales	38,237,612	40,433,035
	———-	———–
Gross profit / (loss)	706,658	664,672
Operating expenses
Administrative expenses	847,745	596,233
Selling and distribution expenses	982,753	637,710
	———-	———–
	1,830,498	1,233,943
	———-	———–
Operating loss	(1,123,840)	(569,271)
Other income	976,192	742,966
	———-	———–
	(147,648)	173,695
Financial and other charges	2,096,783	2,335,672
Financial charges	–	690,460
	———-	———–
Other Charges	2,096,783	3,026,132
Loss before taxation	(2,244,431)	(2,852,437)
Taxation
Current year	240,758	249,373
Prior year	7,761	–
Deferred	(180,771)	84,396
	———-	———–
	67,748	333,769
Loss after taxation	(2,312,179)	(3,186,286)
	———-	———–
Loss per share- Basic (Rupees)	(5.71)	(8.13)
	———-	———–
Loss per share – Diluted (Rupees)	(5.71)	(7.05)

 

 

During the year under review, the Company has achieved Gross Sales of Rs 43,927 million and Net Sales of Rs. 38,944 million as compared to the Gross and Net Sales of Rs. 48,506 million and Rs. 41,098 million respectively for the last year During the year, the Company’s net Loss after taxation was Rs. 1,987 million as compared to a loss after taxation Rs. 1.616 million in the previous year.

 

Annual General Meeting:

The Annual General Meeting of the Company will be held on Monday, 27th February 2012 at 9:00 a.m. at Moosa D, Desai Auditorium, Institute of Chartered Accountants. (ICAP) Karachi. The shareholders are being notified accordingly.

We will be sending you 300 copies or printed accounts for distribution amongst the members of the Exchange 21 days before the date of the Annual General Meeting.

For more information, Contact
Byco Petroleum Pakistan Limited
The Harbour Front, 9th Floor,
Dolmen City, HC – 3, Block – 4,
Marine Drive, Clifton, Karachi – 75600, Pakistan
UAN: (92 21) 111 222 081
Fax: (92 21) 111 888 081
Web: www.byco.com.pk