National Refinery Reports Rs7.24 Billion Loss

National Refinery Limited (NRL) has reported a net loss of Rs7.24 billion (LPS: Rs90.5) for the quarter ending September 2024, marking a significant downturn from the Rs3.2 billion profit (EPS: Rs40.05) it recorded in the same quarter last year. The company’s performance was impacted by rising costs and falling revenues.

NRL’s revenue dropped by 9.3% to Rs66.98 billion, compared to Rs73.83 billion in Q1 2023, while its cost of sales surged by 10.2%, resulting in a gross loss of Rs6.3 billion.

Despite these challenges, other income increased by 39.2%, reaching Rs105.8 million. However, finance costs soared by 97%, reaching Rs2.89 billion, adding to the company’s financial strain.

Administrative expenses remained relatively stable, rising by just 0.2%, but selling and distribution costs more than doubled, increasing by 108.6% to Rs209.68 million.