Karachi July 1 2024: Hascol Petroleum reported loss of PKR 17.8 billion in financial year 2023 compared to PKR 14.4 billion witnessed last year, according to company filing to the exchange.
During the financial year 2023, the Company recorded net sales revenue of PKR 162,709 million as compared to PKR 70,973 million earned during the last year.
Net sales revenue increased due to increase in sales volume and sales price.
The Company reported a loss of PKR 17,814 million compared to loss of PKR 14,439 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 the 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.
