HASCOL PETROLEUM LIMITED
QUARTERLY REPORT 2023
FOR THE THREE MONTHS PERIOD ENDED MARCH 31, 2023
TABLE OF CONTENTS
S. No | Descriptions | Page no |
1 | Corporate Information | 1 |
2 | Directors' Report (English) | 2 |
3 | Directors' Report (Urdu) | 3 |
4 | Condensed Interim Unconsolidated Financial Information | 5 |
5 | Condensed Interim Consolidated Financial Information | 36 |
CORPORATE INFORMATION
Chairman | Bankers |
Sir Alan Duncan | Al Baraka Bank (Pakistan) Limited |
Askari Bank Limited | |
CEO & Director | Allied Bank Limited |
Mr Aqeel Ahmed Khan | BankAlfalah Limited |
Bank Islami Pakistan Limited | |
Directors | Bank of Khyber |
Mr Mustafa Ashraf | The Bank of Punjab |
Mr Zafar Iqbal Chaudhry | Dubai Islamic Bank Pakistan Limited |
Mr Farid Arshad Masood | Faysal Bank Limited |
Mr Abdul Aziz Khalid | First Women Bank Limited |
Mr Mohammad Zubair | Habib Bank Limited |
Habib Metropolitan Bank Limited | |
Chief Financial Officer | Industrial and Commercial Bank of China |
Mr Amad Uddin | MCB Bank Limited |
MCB Islamic Bank Limited | |
Company Secretary | Meezan Bank Limited |
Mr Farhan Ahmad | National Bank of Pakistan |
Samba Bank Limited | |
Audit Committee | Silk Bank Limited |
Mr Mustafa Ashraf (Chairman) | Sindh Bank Limited |
Mr Farid Arshad Masood (Member) | Summit Bank Limited |
Mr Mohammad Zubair (Member) | United Bank Limited |
Mr Zafar Iqbal Chaudhry (Member) | |
Share Registrar | |
Risk Committee | CDC Share Registrar Services Limited |
Mr Mustafa Ashraf (Chairman) | |
Mr Abdul Aziz Khalid (Member) | Legal Advisor |
Mr Mohammad Zubair (Member) | Mohsin Tayebaly & Co. |
(Corporate Legal Consultants - Barristers & Advocates) | |
Human Resource & Remuneration Committee | |
Mr Zafar Iqbal Chaudhry (Chairman) | Registered Office of the Company |
Sir Alan Duncan (Member) | 29th Floor, Sky Tower, West Wing (Tower A), |
Mr Mohammad Zubair (Member) | Dolmen City, Abdul SattarEdhi Avenue, Block-4, |
Clifton, Karachi. Pakistan. | |
Restructuring Committee | |
Mr Farid Arshad Masood (Chairman) | Phone: +92-21-35301343-50 |
Mr Abdul Aziz Khalid (Member) | Fax: +92-21-35301351UAN:111-757-757 |
Mr Mohammad Zubair (Member) | E-mail: info@hascol.com |
Website: www.hascol.com | |
Auditors | |
Baker Tilly Mehmood Idrees Qamar | |
Chartered Accountants | |
4th floor, Central Hotel Building, | |
Civil Lines, Mereweather Road, | |
Karachi. |
1
DIRECTORS' REPORT
The Directors of your Company are pleased to present the quarterly report of the Company along with un-audited standalone and consolidated financial statements thereon for the period ended 31 March 2023.
Financial Results
During the period under review, the Company recorded net sales revenue of Rs. 31,967 million as compared to Rs. 12,476 million earned during same period last year. Net sales revenue increased due to increase in sales volume and sales price.
The financial results of the company for the period ended 31 March 2023 are shown as below:
Particulars
Gross profit
Operating profit
Loss for the period
Loss per share
2023 2022
Rupeesin'000
2,297,837 918,955
1,342,597 24,534
(7,092,870) (2,372,930)
Rupees
(7.10) | (2.38) |
The company reported a loss of Rs. 7,093 million compared to loss of Rs. 2,373 million during the same period of last year due to high exchange losses and finance cost. There are several risks faced by the company inherent to the industry itself, however, the main challenge for company is the interest cost and financial charges accrued on the overdue loans and the non-availability of working capital banking facilities. These, together with operational bottlenecks and unpaid non-banking creditors create operational obstacles to the Company's growth and profitability.
The Board of Directors (the board) has carried out a detailed review of the profitability and cash flow forecast of the Company for the twelve months from the date of approval of these unconsolidated financial statements, which took into account the projected future working capital of the Company under the restructuring plan.
The corporate revival plan, based primarily on the restructuring of its bank debt is on track and is designed to lead to the injection of required fresh equity by existing and potential investors. It is expected that the Company will be able to conclude its restructuring in the next few months. The aim of this process is to ensure that the Company has adequate liquidity and working capital to run smooth operations with optimized profitability. The proposed process would include rescheduling of debt, revival of existing letter of credit facilities, settlement of some part of the debt and injection of required fresh equity.
The Company expresses its sincere gratitude to all its employees, customers, financial institutions, suppliers and other stakeholders for their contributions and continuous support. We also thank the Government of Pakistan and its Ministries for their support and guidance.
Thanking you all.
On behalf of the Board
2
202331
31,967 12,476
202331
2022 | 2023 | |
000 | | |
918,955 | 2,297,837 | |
24,534 | 1,342,597 | |
(2,372,930) | (7,092,870) | |
(2.38)
(7.10) | |
7,093 2,373
3
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Hascol Petroleum Ltd. published this content on 06 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 September 2023 06:23:03 UTC.