SNGPL reports Rs3.96bln loss in 2014

KARACHI: Sui Northern Gas Pipelines Limited (SNGPL) on Tuesday reported a net loss of Rs3.96 billion for the year ended June 30, 2014 due to decline in sales revenue and other income, analysts said.

The utility company has announced its financial numbers after a gap of three years.

Significant gains on gas development surcharge, however, helped the utility firm to cut its losses by 53 percent from Rs9.74 billion in 2013, SNGPL said in a bourse filing.

The loss per share remained at Rs6.25 in 2014 as compared to Rs15.37 in 2013. 

The firm reported additional revenue of Rs14.52 billion on account of gas development surcharge in the year under review. In 2013, the company reported an outflow of Rs18.40 billion on the same head.

A significant decline in other income by 37 percent to Rs9.75 billion from Rs15.54 billion gave a major hit to the bottom line, an analyst said.

The company’s net revenue (gas sales) fell eight percent to Rs206.23 billion from Rs224.06 billion in the last year. 

Its operating loss was trimmed 23-fold to Rs388.70 million from Rs9.13 billion.  SNGPL’s selling cost surged to Rs6.97 billion in 2014 from Rs5.93 billion in 2013.  However, its finance cost fell to Rs5 billion from Rs6.10 billion.