Karachi, Hascol Petroleum has released its audited accounts for the calendar year 2022, revealing a Gross Profit of PKR 3,182 million, a significant increase compared to the previous year. However, the company faced challenges, incurring a net loss of PKR 14,439 million, primarily attributed to foreign exchange losses and high interest rates.

Despite lower volumes, the company managed to achieve better trading margins. The management highlighted that the net loss was mainly a result of a PKR 4,829 million foreign exchange loss and an unpaid interest cost of PKR 8,406 million.

The Chairman expressed appreciation for Baker Tilly's thorough and professional audit, which encompassed a comprehensive valuation of the Company's fixed assets and a detailed assessment of its financial records over several years.

To address the current year's loss, Hascol Petroleum is planning a corporate restructuring, primarily focused on the restructuring of its bank debt, with the aim of attracting potential investors and injecting fresh equity. The management is confident that the restructuring plan will be successfully concluded in the next few months.

While the company faced liquidity challenges, the credit support from its single majority shareholder, Vitol, played a vital role in sustaining the company's viability and overcoming supply needs.

The Company's Board and management expressed confidence that the liquidity issues will be effectively addressed in the coming months, leading to beneficial outcomes for all stakeholders in the future.