Atlas Battery Ltd's losses plummet by 49% during FY20
MG News | August 26, 2020 at 03:11 PM GMT+05:00
August 26, 2020 (MLN): Atlas Battery Limited has incurred losses of Rs. 327 million (LPS: 13.43) for the year ended June 30, 2020, i.e. around 49% lower than the losses borne by the company during last year.
According to the financial report issued by the company, the losses transpired on the back of higher finance cost and income tax expense, both of which rose by 63.4% and 9.2%, respectively.
The decline in non-core income by around 91.5% was another contributing factor to the jeer-worthy financial performance of the company.
Nonetheless, the growth in gross profit by 2.29x, as well as decline in major expense heads i.e. distribution cost and administrative expenses by 18.6% and 17.9% respectively, helped in bringing down the losses over the year.
| Consolidated Financial Results for the year ended June 30, 2020 (Rupees'000) | |||
|---|---|---|---|
| Jun-20 | Jun-19 | % Change | |
| Sales | 12,546,152 | 12,773,113 | -1.8% |
| Cost of sales | (11,667,365) | (12,506,602) | -6.7% |
| Gross Profit | 878,787 | 266,511 | 229.7% |
| Distribution cost | (487,020) | (598,645) | -18.6% |
| Administrative expenses | (181,626) | (221,352) | -17.9% |
| Other expenses | (38,261) | (43,546) | -12.1% |
| Other income | 32,601 | 385,464 | -91.5% |
| Finance cost | (348,496) | (213,222) | 63.4% |
| Loss before taxation | (144,015) | (424,790) | -66.1% |
| Taxation | (183,084) | (167,673) | 9.2% |
| Loss for the year | (327,099) | (592,463) | -44.8% |
| Loss per share | -13.43 | -24.32 | -44.8% |
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