BATA’s annual bottom-line gains slip slightly

MG News | March 07, 2019 at 01:27 PM GMT+05:00

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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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