Attock Petroleum (APL) is expected to announce its 2QFY23 financial result on Monday. Analysts expect the company to post loss after tax of PKR135 million (LPS: PKR1.08), down by 103% on a YoY/QoQ basis. The said decline is mainly attributable to falling offtakes (down by 10%QoQ and 18%YoY) due to the declining ex-refinery prices over the last quarter. Analysts expect the Company to post inventory losses of PKR954 million (PKR7.7/share) for 2QFY23 as ex-refinery prices for MS and HSD fell by 18% and 11% respectively during the period under review as compared to the previous quarter, subsequently resulting in gross margins for the quarter to end at 1.2% against 8.1% in earlier quarter). On the taxation front, analysts expect effective tax to rise to 150% for the period. The minimum turnover tax (0.5% on gross POL sales) hampers the already beat down bottom-line. At a normalized tax rate of 33%, the earnings per share would be PKR1.50/share. Alongside the result, analysts expect the company to announce a cash dividend of PKR10.0/share.