BATA’s annual bottom-line gains slip slightly
MG News | March 07, 2019 at 01:27 PM GMT+05:00
March 7, 2019 (MLN): Bata Pakistan Limited (BATA) has announced a minor falloff in its annual net profits when compared to the earnings last year. The company has declared its net income at Rs.1.50 billion (EPS: Rs.198.6) during CY18, against that of Rs.1.52 billion (EPS: Rs.201.65) recorded for CY17.
This decline is primarily a consequence of lower non-core income recorded for the period against higher expenses on the whole.
Although after accounting for these components, BATA’s pre-tax profits were decently higher than last year, the final stroke that turned this rise into decline was when the company recorded 16.6% higher tax expenditures which coupled with the higher outflows to weigh down the bottom line of BATA.
In addition to this, BATA has announced a final cash dividend at Rs.60 per share i.e. 600%, in addition to Interim Dividend already paid at Rs.90 per share, i.e. 900%.
| Profit and Loss account for the year ended Dec 31, 2018 ('000 Rupees) | |||
|---|---|---|---|
|
| Dec-18 | Dec-17 | % Change |
| Sales | 16,795,231 | 15,496,810 | 8.38% |
| Cost of sales | (9,269,358) | (8,875,974) | 4.43% |
| Gross profit | 7,525,873 | 6,620,836 | 13.67% |
| Distribution cost | (3,951,287) | (3,312,220) | 19.29% |
| Administrative expenses | (1,101,934) | (979,398) | 12.51% |
| Other expenses | (210,615) | (176,513) | 19.32% |
| Other income | 45,903 | 67,453 | -31.95% |
| Operating profit | 2,307,940 | 2,220,158 | 3.95% |
| Finance cost | (42,038) | (39,888) | 5.39% |
| Profit before taxation | 2,265,902 | 2,180,270 | 3.93% |
| Taxation | (764,493) | (655,804) | 16.57% |
| Profit after taxation | 1,501,409 | 1,524,466 | -1.51% |
| Earnings per share - basic and diluted (Rupees) | 198.60 | 201.65 | -1.51% |
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