Bosicor posts heavy loss of Rs10.33bn for 2009

KARACHI (November 11, 2009) – Loss after tax of Bosicor Pakistan refinery has jumped to Rs10.33 billion for the year ended June 30, 2009. It will be worth mentioning here that the company had managed to book a profit after tax of Rs15.12 million last year (2008).

Accordingly, loss per share translated into Rs26.35 against earning per share of Rs0.04 in 2008.

“The loss for 2008-09 has arisen primarily from exchange losses of Rs4.4 billion, an operating loss of Rs4.5 billion and financial charges of Rs1.78 billion,” the company said in a communique to the Karachi Stock Exchange.

During the year under review, the company achieved gross sales of Rs54.77 billion and net sales of Rs44.62 billion as compared to gross and net sales of Rs40.09 billion and Rs35.81 billion respectively last year, it added. During the year due to unprecedented losses, the company faced severe constraints in meeting its financial obligations. At this crucial phase, the company’s sponsoring shareholders again showed commitment and endorsed their financial plan prepared by the management of the company and arranged financial support amounting to Rs4.2 billion.

This enabled the company to partially meet the required funding gap from the losses, said Bosicor CEO Amir Abbassciy in the statement.

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