0.5% increase in ICI's overall profit for the year ending on June 30th 2018

By MG News | July 30, 2018 at 10:19 AM GMT+05:00

0:00

ICI Pakistan Limited (ICI) reported its financial earnings for the year ending on June 30^th 2018 to PSX, in its Board of Directors meeting held on July 27^th 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 30^th 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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