0.5% increase in ICI's overall profit for the year ending on June 30th 2018
MG News | July 30, 2018 at 10:19 AM GMT+05:00
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ICI Pakistan Limited (ICI) reported its financial earnings for the year ending on June 30th 2018 to PSX, in its Board of Directors meeting held on July 27th 2018.
The financial statement reported a YoY increase of 19.7% in turnover, while an increase of 11.4% in Gross profit, as compared to the year ending on June 30th 2017.
Other charges increased by 87.2%, Finance Costs increased BY 67.7% while Exchange Costs increased majorly by 3191%.
Share of profit from an associate went down by 12.7% therefore the profit before taxation dropped by 10.5%. However, the company managed to reduce its tax payments by 43%, hence resulting in an overall increase of 0.5% in Profits after taxation.
| Profit and Loss Account - For the Year Ended June 30th 2018 (Rs'000) | |||
| June 30th, 2018 | June 30th, 2017 | % Change | |
| Turnover | 49,992,068 | 41,771,218 | 19.7% |
| Cost of sales | (41,060,075) | (33,755,435) | 21.6% |
| Gross profit | 8,931,993 | 8,015,783 | 11.4% |
| Selling and distribution expenses | (3,048,611) | (2,688,234) | 13.4% |
| Administrative and general expenses | (1,281,172) | (1,141,127) | 12.3% |
| Operating result | 4,602,210 | 4,186,422 | 9.9% |
| Other charges | (326,091) | (174,168) | 87.2% |
| Finance costs | (654,094) | (390,119) | 67.7% |
| Exchange cost | (430,706) | (13,087) | 3191.1% |
| (1,410,891) | (577,374) | 144.4% | |
| Other income | 156,355 | 115,040 | 35.9% |
| Share of Profit from an associate | 585,968 | 670,869 | -12.7% |
| Profit before taxation | 3,933,642 | 4,394,957 | -10.5% |
| Taxation | (635,988) | (1,114,848) | -43.0% |
| Profit after taxation | 3,297,654 | 3,280,109 | 0.5% |
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