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

08:42
May 28, 2020
MG

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

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26	BDT	108.07500	111.43200	111.43230	108.07535	07:19 AM
27	BHD	0.37700	0.37705	0.37705	0.37700	06:27 PM
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30	KWD	0.30763	0.30797	0.30797	0.30763	06:27 PM
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32	OMR	0.38498	0.38503	0.38503	0.38498	06:27 PM
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34	RUB	92.27000	94.07000	94.07000	92.27000	08:00 PM
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40	PHP	57.78900	57.94200	57.94200	57.78900	09:27 AM
42	NGN	1,266.52000	1,267.52000	1,267.52000	1,266.52000	08:31 AM
43	KES	134.00000	136.00000	136.00000	134.00000	08:39 AM
44	AMD	388.60000	388.60000	388.60000	388.60000	08:11 AM
45	TWD	32.62880	32.65880	32.65880	32.62880	09:27 AM
46	XAU	2,316.41000	2,316.83000	2,316.83000	2,316.41000	09:26 AM
47	XAG	27.15520	27.16300	27.16300	27.15520	09:26 AM
48	XPT	897.92200	904.39000	904.39000	897.92200	06:27 PM
49	XPD	982.00000	987.00000	987.00000	982.00000	06:27 PM
2,120	VES	36.29670	36.38780	36.38776	36.29673	08:00 PM
2,212	UGX	3,768.22000	3,852.14000	3,852.14334	3,768.21865	07:19 AM
2,213	TZS	2,589.99000	2,590.01000	2,590.01500	2,589.98500	08:48 AM

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KMI30	122,036.66	120,902.956	120,348.15	-259.501	-0.214	165,495,684.0	10,488,159,680.390	25/04/2024 04:13 PM
KMIALLSHR	33,911.61	33,699.441	33,542.23	42.921	0.128	560,837,784.0	22,833,398,111.890	25/04/2024 04:13 PM
BKTi	17,958.27	17,872.359	17,710.29	-16.250	-0.091	19,765,810.0	2,463,980,003.790	25/04/2024 04:13 PM
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