Azgard-9 reports losses of Rs9.7 mln for 1QFY19

MG News | October 26, 2018 at 04:40 PM GMT+05:00

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October 26, 2018 (MLN): Azgard Nine Limited (ANL) has declared losses for the company amounting to Rs.9.7 million for the quarter ended 30^th September 2018. Increasing core and non-core expenses became the reason for the company’s deteriorating financial stability as its profits from last year turned into losses this year.

According to the notification issued to PSX, the sales revenue reported an increase of 11.09%, and the cost of sales showed an increase of 12%, leaving the Gross Profits margin to increase by 6.48%.

The Distribution and Administrative expenses both up surged by 24.1% and 6.38% respectively. While there weren’t any non-core expenses this year, the company witnessed a decline in its non-core income by 22.72%.

Similarly, the Finance cost demonstrated an increase of 4.76%, further shaking the financial stability of the company.

Moreover, the increase in tax expense by 12.64% added further fuel to the fire.

The Loss per share for the company was stated at Rs. 0.02 for the quarter ended 30^th September 2018.

Profit and loss account for the quarter ended September 30th 2018 (Rupees)
	Sep-18	Sep-17	% Change
Sales - net	3,970,366,130	3,573,918,467	11.09%
Cost of sales	-3,347,487,601	-2,988,932,498	12.00%
Gross Profit	622,878,529	584,985,969	6.48%
Selling and distribution expenses	-195,565,427	-157,592,261	24.10%
Administrative expenses	-125,901,239	-118,355,396	6.38%
Other income	3,563,804	4,611,442	-22.72%
Other expenses		-745,846
Finance cost	-276,219,571	-263,667,545	4.76%
Profit before taxation	28,756,096	49,236,363	-41.60%
Taxation	-38,530,770	-34,206,916	12.64%
(Loss)/profit after taxation	-9,774,674	15,029,447
(Loss)/earnings per share-basic and diluted	-0.02	0.03

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