Avanceon’s first quarter of 2020 ends on a commendable note as profits jump by 160%

May 28, 2020 (MLN): Avanceon Limited has reported net earnings of Rs. 384.9 million (EPS: 2) for the first quarter ended March 31, 2020, i.e. approximately 1.6x higher than the income of the same quarter in the previous year.

The commendable growth in net profits came about as a result of an increase in the top-line income by 39%, as well as an 8.4x surge in non-core income.

While there was a 36% increase in the administrative and selling expenses, the impact of it got somewhat negated by the decline in the non-core expenses by an equal margin.

The company also saw a 3% decline in its finance cost, which further gave respite to its financial standing. However, one of the major setbacks during the period was the increase of 71% in income tax expense.

Income Statement for the quarter ended March 31, 2020 (Rupees in '000)

 

Mar-20

Mar-19

% Change

Revenue from contracts with customers

968,406

697,083

39%

Cost of revenue

(630,321)

(433,590)

45%

Gross profit

338,085

263,493

28%

Administrative and selling expenses

(152,044)

(111,831)

36%

Other operating expenses

(923)

(1,437)

-36%

Other operating income

227,150

24,171

840%

Profit from operations

412,268

174,396

136%

Finance costs

(25,157)

(25,817)

-3%

Profit  before tax

387,111

148,579

161%

Taxation

(2,146)

(1,257)

71%

Profit for the year

384,965

147,322

161%

Earnings per share

2

0.77

160%

 

Copyright Mettis Link News

Posted on: 2020-05-28T13:42:00+05:00

34941