Azgard Nine suffers Rs 389 million loss in FY20

MG News | September 30, 2020 at 05:08 PM GMT+05:00

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September 30, 2020 (MLN): Azgard Nine Limited has announced its financial results for the year ended June 30, 2020, wherein the company has reported a net loss of Rs 389 million (LPS: Rs 0.84) when compared to a net profit of Rs 305 million (EPS: Rs 0.67) reported in FY19.

According to the financial results issued to PSX, the company incurred losses during the FY20 on an account of an impairment loss on financial assets of Rs 94 million.

During the period, the company witnessed a decrease in volumetric sales, down by 16% YoY. The gross profits plunged by 29% YoY despite a 14% YoY decrease in the cost of goods sold, shrinking gross margins from 17% to 15%.

On the cost front, the administrative expenses went up by 7.06% while a decrease in distribution & selling expenses and other expenses by 3% YoY and 74% YoY respectively contributed to support the financial stability of the company.

The other major highlight is other income which surged by 5 times YoY to Rs 142 million. Meanwhile, finance cost went down by 16% YoY to Rs 1.28 billion, providing much-needed respite to the bottom line.

Financial Results for the year ended June 30, 2020 (Rupees)
	Jun-20	Jun-19	% Change
Net sales	16,909,299,380	20,214,970,742	-16.35%
Cost of sales	(14,446,980,920)	(16,726,690,730)	-13.63%
Gross profit	2,462,318,460	3,488,280,012	-29.41%
Selling and distribution expenses	(884,982,511)	(911,073,423)	-2.86%
Administrative expenses	(549,982,576)	(513,699,624)	7.06%
Profits from operations	1,027,353,373	2,063,506,965	-50.21%
Other income	142,232,161	26,418,318	438.38%
Other expenses	(15,663,732)	(60,320,842)	-74.03%
Impairment loss on financial assets	(94,701,891)	-	-
Finance costs	(1,282,483,682)	(1,528,303,279)	-16.08%
(Loss)/Profit before taxation	(223,263,771)	501,301,162	-
Taxation	(166,185,382)	(195,988,871)	-15.21%
(Loss)/Profits for the period	(389,449,153)	305,312,291	-
(Loss)/ earnings per share- basic and diluted	-0.84	0.67	-

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