Karachi: Hascol Petroleum Limited announced its financial results for the first quarter ended March 31, 2024, today, as detailed in the unconsolidated and consolidated financial statements.

On March 31, 2024, the company's Board of Directors met at the corporate office to approve the accounts for the quarter, which reflected a substantial loss. According to information available from the Pakistan Stock Exchange (PSX), no dividend was declared for this period.

The unconsolidated financial statements showed that the company's net sales for the three months ended March 31, 2024, were approximately PKR 27.47 billion, a decrease from PKR 31.97 billion in the same period last year. Despite the decrease in sales, operating expenses rose, leading to an operating profit of PKR 478.94 million, significantly lower than the PKR 1.34 billion reported last year.

The consolidated results mirrored this decline, with net sales totaling about PKR 27.96 billion, compared to PKR 32.47 billion in the previous year. The operating profit stood at PKR 492.84 million, against PKR 1.34 billion in 2023. Notably, finance costs remained high, and the company reported a net exchange gain of PKR 414.90 million compared to a significant loss the previous year.

Overall, Hascol Petroleum incurred a loss before taxation of PKR 1.60 billion in its consolidated accounts, an improvement over the PKR 6.97 billion loss in 2023. However, the loss per share remained constant at PKR 1.74.

The quarterly report will be made available through PUCARS within the specified timeframe.