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

MG News | May 28, 2020 at 01:42 PM GMT+05:00

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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%

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