Byco Petroleum Pakistan Limited’s financial results for the half year ended 31st December 2012

Karachi, July 18, 2013 (PPI-OT): We have to inform you that the Board of Directors of our Company in their meeting held on Wednesday, 17th July 2013 at 2:30 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 unaudited Financial Statements of the Company for the half year ended 31st December 2012.

The financial results of the Company are as follows:

                                                            Six months period ended              Three months period ended
                                                          31 December       31 December       31 December        31 December
                                                             2012               2011              2012              2011
                                                                                   (Rupees in ‘000)

Gross sales                                               32,082,413          9,340,907         18,609,628        3,403,037
Sales tax, discount and others                            (5,385,192)        (1,012,164)        (3,059,014)        (422,168)
                                                          ----------          ---------         ----------        ---------
Net sales                                                 26,697,221          8,328,743         15,550,614        2,980,869
Cost of sales                                             26,397,541          9,304,814         15,478,202        3,554,291
                                                          ----------          ---------         ----------        ---------
Gross profit/ (loss)                                         299,680           (976,071)            72,412         (573,422)
Operating expenses
Administrative expenses                                      408,923            417,913            262,022          216,118
Selling and distribution expenses                            258,514            248,156            203,782           75,886
                                                          ----------          ---------         ----------        ---------
                                                             667,437            666,069            465,804          294,004
                                                          ----------          ---------         ----------        ---------
                                                            (367,757)        (1,642,140)          (393,392)        (867,426)
Other income                                                 485,455            647,648            168,624          334,440
                                                          ----------          ---------         ----------        ---------
                                                             117,698           (994,492)          (224,768)        (532,986)
Financial and other charges
Financial charges                                          1,336,877          1,110,264            695,449          519,899
Exchange differences-net                                     173,309            104,747            163,666            9,424
                                                          ----------          ---------         ----------        ---------
                                                           1,510,186          1,215,011            859,115          529,323
                                                          ----------          ---------         ----------        ---------
Loss before taxation                                      (1,392,488)        (2,209,503)        (1,083,883)      (1,062,309)
Taxation
Current                                                      142,915             29,497             83,587            8,945
Prior year                                                       -               33,274                -             33,274
Deferred                                                    (100,008)          (100,181)           (50,000)         (51,101)
                                                          ----------          ---------         ----------        ---------
                                                              42,907            (37,410)            33,587           (8,882)
                                                          ----------          ---------         ----------        ---------
Net loss after taxation                                   (1,435,395)        (2,172,093)        (1,117,470)      (1,053,427)
                                                          ----------          ---------         ----------        ---------
                                                                                        (Rupees)
Loss per share-basic and diluted                               (1.47)             (2.22)             (1.14)           (1.08)
                                                          ----------          ---------         ----------        ---------

Consolidated Profit and Loss Account

                                                            Six months period ended                    Quarter ended
                                                            Jul-Dec           Jul-Dec            Oct-Dec          Oct -Dec
                                                             2012               2011              2012              2011
                                                                                   (Rupees in ‘000)

Gross sales                                               32,101,880          9,178,800         18,695,324        3,403,037
Sales tax discount and others                             (5,385,192)          (989,804)        (3,125,243)        (422,168)
                                                          ----------          ---------         ----------        ---------
Net sales                                                 26,716,688          8,188,996         15,570,081        2,980,869
Cost of Sales                                             26,397,364          9,230,468         15,474,709        3,554,291
                                                          ----------          ---------         ----------        ---------
Gross profit/ (loss)                                         319,324         (1,041,472)            95,372         (573,422)
Operating expenses
Administrative expenses                                      434,937            456,504            280,549          218,118
Selling and distribution expenses                            258,514            248,156            203,782           75,886
                                                          ----------          ---------         ----------        ---------
                                                             693,451            704,660            484,331          294,004
                                                          ----------          ---------         ----------        ---------
Operating (loss)/ profit                                    (374,127)        (1,746,132)          (388,959)        (867,426)
Other income                                                 453,965            431,007            152,865          334,440
                                                          ----------          ---------         ----------        ---------
                                                              79,838         (1,315,125)          (236,094)        (532,986)
Financial and other charges
Financial charges                                          1,337,163          1,110,772            695,631          519,899
Exchange differences                                         173,309            104,747            163,667            9,424
                                                          ----------          ---------         ----------        ---------
                                                           1,510,472          1,215,519            859,298          529,323
                                                          ----------          ---------         ----------        ---------
(Loss)/ Profit before taxation                            (1,430,634)        (2,530,644)        (1,095,392)      (1,062,309)
Taxation
Current                                                      142,424             30,443             83,021            8,945
Prior Year                                                       -               33,274                -             33,274
Deferred                                                    (100,490)          (100,731)           (50,915)         (51,101)
                                                          ----------          ---------         ----------        ---------
                                                              41,934            (37,014)            32,106           (8,882)
                                                          ----------          ---------         ----------        ---------
(Loss)/ Profit after taxation                             (1,472,568)        (2,493,630)        (1,127,498)      (1,053,427)
                                                          ----------          ---------         ----------        ---------
(Loss)/ Profit per share-basic and diluted (Rupees)            (1.51)             (2.55)            (1.151)           (1.08)
                                                          ----------          ---------         ----------        ---------

We will be sending you 300 copies of printed accounts for distribution amongst the members of the exchange.

For more information, contact:
Director
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

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