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
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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