Atlas Battery Ltd’s losses plummet by 49% during FY20

10:11
August 26, 2020
MG

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%

Copyright Mettis Link News

Posted on: 2020-08-26T15:11:00+05:00

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43	KES	132.50000	134.50000	134.50000	132.50000	08:37 AM
44	AMD	392.60000	392.60000	392.60000	392.60000	07:55 AM
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46	XAU	2,384.78000	2,385.08000	2,385.08000	2,384.78000	10:12 AM
47	XAG	28.43720	28.44680	28.44680	28.43720	10:12 AM
48	XPT	928.48700	935.08000	935.08000	928.48700	07:14 PM
49	XPD	1,013.64000	1,020.52000	1,020.52170	1,013.63840	07:14 PM
2,120	VES	36.25120	36.34220	36.34216	36.25125	08:00 PM
2,212	UGX	3,768.41000	3,852.95000	3,852.94560	3,768.40998	07:19 AM
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BKTi	17,861.34	17,826.912	17,489.40	244.864	1.393	16,782,769.0	1,601,100,031.210	19/04/2024 05:13 PM
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