Bannu Woolen Mills' Annual profit weighed down by rising losses of associated companies

MG News | September 28, 2018 at 01:09 PM GMT+05:00

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September 28, 2018 (MLN): Overall after-tax profit of Bannu Woolen Mills Limited fell by 24.25% for the year ended June 30, 2018, as the profits fell from Rs. 67 million to Rs. 51 million on a year-on-year basis.

The company's Board of Directors meeting was held yesterday and the board reviewed the financial benefits for the year.

As per the report, the company's total annual sale reached Rs 838 million, an increase of 5.71% on a year-on-year basis, resulting in an increase in gross profit of 4.13% which is counted to be Rs. 272 million.

Although the company experienced a 41.53% decline in administrative cost and 60.46% increment in distribution cost on a year-on-year basis, yet the operating process increased by 23%.

However, a 327.8% increment in finance cost and a 589.2% increment in share of loss of associated companies led to a decline in before-tax profit.

Moreover, the company also experienced an increase in tax provisions of 12. 56%, which resulted in a further drop in company’s profit.

The company’s basic and diluted earnings per share suffered a decline of 24.16% as they fell from Rs 7.12 per share to Rs 5.40 per share on a year-on- year basis.

The board has further recommended a final Cash Dividend of 25% i.e. Rs. 2.50 per share.

Financial results for the year ended June 30, 2018 ('000 Rupess)
	Jun-18	Jun-17	% change
Sales	838,619	793,305	5.71%
Cost of Sales	565,785	531,292	6.49%
Gross Profit	272,834	262,013	4.13%
Distribution Cost	79,795	49,730	60.46%
Administrative Expenses	60,735	103,879	-41.53%
Other Expenses	10,993	9,494	15.79%
Other Income	(4,116)	(3,086)	33.38%
	147,407	160,017	-7.88%
Profit from Operations	125,427	101,996	22.97%
Finance Cost	17,552	4,103	327.78%
	107,875	97,893	10.20%
Share of (Loss)/ Profit of Associated Companies - net	(27,030)	(3,922)	589.19%
Profit before Taxation	80,845	93,971	-13.97%
Taxation	29,542	26,246	12.56%
Profit after Taxation	51,303	67,725	-24.25%
Earnings per Share (Rupee)	5.40	7.12	-24.16%

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