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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.

 

Financial Results for the nine months ended September 30th  2019 (Rupees)

 

Sep-19

Sep-18

% Change

Net sales

 4,722,761,674

 3,970,366,130

18.95%

Cost of sales

 (3,916,173,690)

 (3,347,487,601)

16.99%

Gross profit

 806,587,984

 622,878,529

29.49%

Selling and distribution expenses

 (224,761,378)

 (195,565,427)

14.93%

Administrative expenses

 (142,116,643)

 (125,901,239)

12.88%

Profits from operations

 439,709,963

 301,411,863

45.88%

Other income

 34,831,980

 3,563,804

877.38%

Finance costs

 (297,485,576)

 (276,219,571)

7.70%

Profit before taxation

 177,056,367

 28,756,096

515.72%

Taxation

 (46,212,620)

 (38,530,770)

19.94%

Profits for the period

 130,843,747

 (9,774,674)

 

Basic and diluted earnings /loss per share

 0.29

-0.02

 

Copyright Mettis Link News

Posted on: 2019-10-28T16:29:00+05:00

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