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

October 26, 2018 (MLN): Azgard Nine Limited (ANL) has declared losses for the company amounting to Rs.9.7 million for the quarter ended 30th 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 30th 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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Posted on: 2018-10-26T16:40:00+05:00

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