April 25, 2019 (MLN): Bestway Cement Limited has reported bottom-line earnings of over Rs.9.5 billion (EPS: Rs. 16) for the nine months ended March 31, 2019, i.e. around 9.5% higher than the net earnings of the same period last year.
The company mainly benefited from a whopping decline in tax payments and administrative and other expenses.
During the period, company's tax payments dropped by 64%, administrative expenses dropped by 67%, while other expenses shrank by 17%.
The company witnessed an increase in finance cost by 157% and decline in share of profits and other income by 14% and 26% respectively, however, the company managed to earn profits on the back of substantial decline in tax payments.
The company also announced an interim cash dividend for the quarter ended on March 31st 2019 at Rs. 3 per share, i.e. 30%.
|
Financial Results for the nine months ended March 31st 2019 ('000 Rupees) |
|||
|---|---|---|---|
|
|
Mar-19 |
Mar-18 |
% Change |
|
Gross turnover |
59,570,286 |
58,570,007 |
1.71% |
|
Rebates and discounts |
(1,704,570) |
(1,679,127) |
1.52% |
|
Sales tax and excise duty |
(17,069,658) |
(16,641,566) |
2.57% |
|
Revenue |
40,796,058 |
40,249,314 |
1.36% |
|
Cost of Sales |
(27,892,959) |
(25,787,240) |
8.17% |
|
Gross profit |
12,903,099 |
14,462,074 |
-10.78% |
|
Other income |
85,078 |
115,009 |
-26.02% |
|
Selling and distribution expenses |
(1,083,577) |
(1,149,301) |
-5.72% |
|
Administrative expenses |
(567,616) |
(1,730,464) |
-67.20% |
|
Other expenses |
(648,129) |
(781,443) |
-17.06% |
|
Operating profit |
10,688,855 |
10,915,875 |
-2.08% |
|
Net finance costs |
(1,125,871) |
(437,559) |
157.31% |
|
Share of profit of equity-accounted investees, net of tax |
1,049,586 |
1,219,965 |
-13.97% |
|
Profit before tax |
10,612,570 |
11,698,281 |
-9.28% |
|
Income tax expense |
(1,074,958) |
(2,986,683) |
-64.01% |
|
Profit after tax |
9,537,612 |
8,711,598 |
9.48% |
|
Earnings per share – basic and diluted (Rupees) |
16 |
14.61 |
9.51% |
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