Azgard-9 reports net profits of Rs 130.8 million

October 28, 2019 (MLN): Azgard Nine Limited (Azgard-9),  whose core business involves production and marketing of denim focused textile and apparel products, has posted net profits after tax of Rs 130.8 million against the net losses of Rs 9.7 million incurred in the same period last year.

According to the financial statement issued to the PSX, the earnings per share for the period locked in at Rs 0.29 per share against the loss per share of Rs 0.02 per share last year.

The company successfully managed to turn its last year losses into profits mainly on the back of higher net revenues which increased by Rs 18.95 due to better sales volume. Moreover, the gross margins of the company went up marginally from 16% to 17%.

Also, income from other source increased by 877% as compared to the previous year which further helped in bolstering the company’s net profits.

However, the company witnessed an upsurge in its major expense head, as its distribution expenses and admin expenses rose by 15% and 13% respectively, the company still managed to post positive earnings on the back of higher topline earnings.

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