SSGC’s loss drops 11% to Rs3.2 billion

Sui Southern Gas Company’s (SSGC) consolidated loss dropped 11.3% to Rs3.24 billion in the quarter ended September 30, 2018 due to an increase in revenue from the sale of gas, according to a bourse filing on Monday.

The loss had been registered at Rs3.65 billion in the same quarter of previous year, according to the company’s profit or loss account sent to the Pakistan Stock Exchange (PSX). Accordingly, the loss per share fell to Rs3.68 in the quarter under review from Rs4.15 in the corresponding quarter of previous year.

SSGC’s share price dropped 2.12%, or Rs0.38, to close at Rs17.55 with a volume of 2.44 million shares at the PSX on Monday. Company sales increased 3% to Rs55.80 billion in the Jul-Sept 2018 quarter compared to Rs43.27 billion in the same quarter of previous year.

Net sales grew 52% to Rs59.95 billion after addition of gas development surcharge worth Rs15.48 billion and exclusion of a loss worth Rs4.21 billion on account of imported re-gasified liquefied natural gas (RLNG) differential margins.

However, the cost of sales at Rs61.69 billion, which was higher than net sales of Rs59.95 billion, pulled the company into losses in the quarter under review.

Higher line losses, including theft, was a reason behind the higher cost of sales, it was learnt. Finance cost surged to Rs1.75 billion compared to Rs1.08 billion. The company also reported profit or loss account for nine months ended March 31, 2018. It reported a consolidated loss of Rs10.70 billion (loss per share Rs12.15) in the nine-month period compared to a profit of Rs43.16 million (earnings per share Rs0.05) in the same period of previous year (July 2016 to March 2017).

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