|Rupees in Millions|
|Non Current Assets||32,854||24,561||23,883||68,142||65,559||58,637|
As of June 30, 2019, variation as compared to FY 2018 is because of the following:
- Shareholders' equity rose by 7.9% primarily due to profit retained during the year.
- Non-current assets increased by 33.8% mainly due to fair valuation of Company's investment in Pak-Arab Pipeline Company Limited on account of adoption of new standard - IFRS 9 and increase in property, plant and equipment.
- Current assets increased by 1.6% primarily due to following reasons:
- Increase in non-current liabilities by 45.8% is because of increase in liabilities relating to retirement benefit funds.
- Increase in current liabilities by 1.2% is primarily due to increase in short term borrowings which is partially offset by decline in trade and other payables on account of decline in purchases of furnace oil.
Company's profit after tax went down by 31.5% primarily on account of following elements:
- Increase in other expenses by 40.9% due to higher exchange losses on account of significant PKR devaluation during the year.
- Increase in finance cost by 74.5% due to increase in interest rates and average borrowing levels.
- Deccrease in gross profits by 9.1% mainly on account of lower sales volume of furnace oil due to shift in energy mix by GoP and lower white oil volumes due to dip in industry sales demand.
- EBITDA went down by 17.4% mainly due to lower sales volume and higher exchange losses mainly due to significant devaluation during the year.
|Rupees in Millions|
|Share of profit of associate - net of tax||120||(185)||147||125||207|
|Profit Before Taxation||6,590||603||3,499||6,785||17,477|
|Profit After Taxation||4,181||68||1,676||4,662||10,587|
Gross sales fell significantly in 3rd quarter primarily due to decline in upliftment of FO by power sector and lower sales prices during the period.
It remianed low in 2nd and 3rd quarter primarily due to lower sales volume and decline in sales prices resulting in inventory losses. However, gross profit grew in 1st and 4th quarter due to inventory gains and higher sales volume.
Other income was higher in 2nd and 4th quarter primarily due to receipt of late payment interest from power sector in these periods.
Operating cost increased significantly in last quarter due to higher exchange losses in that period on account of significant rupee devaluation.
Finance Cost continued to rise during first three quarters mainly due to increase in interest rates however, it went down in 4th quarter due to major recovery from power sector in March 2019.
The variation in cash flows as compared to FY 2018 is due to the following:
In FY 2019 Cash flow from Operativing activities is negative as compared to positive cash flow in last year. The cash flows have decreased in FY 2019 primarily due to decrease in trade and other payables in FY 2019 whereas trade and other payable increased in FY 2018.
Cash flow from investing activities is negative as compared to positive cash flows in last year. The cash flow were positive in FY 2018 primarily due to Maturity of PIBs in FY 2018 resulting in cash flow generation.
Cash flow from financing activities is positive as compared to negative cash flows in last year. The cash flow are positive in FY 19 primarily due to additional borrowings obtained during the year.