Bestway Cement’s earnings observe a massive 99% YoY decline during FY20
MG News | August 31, 2020 at 11:37 AM GMT+05:00
August 31, 2020 (MLN): Bestway Cement Limited (BWCL) has announced its financial results for the FY20, wherein the company reported a net profit of Rs 49 million (EPS: Rs 0.08), depicting a massive 99.51% decline against a net profit of Rs 10.09 billion (EPS: Rs 16.93) in FY19.
As per the financial statement issued by the company to PSX, topline witnessed a 31% YoY decline on an account of lower retention price which caused gross profit to decrease by 93% YoY to Rs 1.16 billion despite the decrease in the cost of sales by around 4% YoY.
On the cost side, the major highlight is a decrease in expense heads as selling and distribution expenses went down by 41% YoY from Rs 1.33 billion to Rs 794 million. Moreover, administrative costs and other charges fell by 19% and 98% respectively.
The company escaped from going into the red bottom line due to net tax credits of Rs 555 million. Meanwhile, the company reported other income which ballooned by 2.02 times YoY to clock in at Rs 247 million, providing further cushion to its bottom line.
| Financial Results for the year ended June 30, 2020 ('000 Rupees) | |||
|---|---|---|---|
|
| Jun-20 | Jun-19 | % Change |
| Gross turnover | 63,687,754 | 79,000,314 | -19.38% |
| Less: Rebates and discounts | (2,243,317) | (2,354,731) | -4.73% |
| Less: Sales tax and excise duty | (24,315,711) | (23,044,071) | 5.52% |
| Net turnover | 37,128,726 | 53,601,512 | -30.73% |
| Cost of Sales | (36,011,992) | (37,556,552) | -4.11% |
| Gross profit | 1,116,734 | 16,044,960 | -93.04% |
| Other income | 247,618 | 122,211 | 102.62% |
| Selling and distribution expenses | (794,213) | (1,339,086) | -40.69% |
| Administrative expenses | (579,308) | (711,411) | -18.57% |
| Other expenses | (16,743) | (826,752) | -97.97% |
| Operating profit/(loss) | (25,912) | 13,289,922 | - |
| Finance costs | (2,151,701) | (1,498,473) | 43.59% |
| Share of profit of equity-accounted investees, net of tax | 1,671,133 | 1,454,101 | 14.93% |
| Profit/(loss) before tax | (506,480) | 13,245,550 | - |
| Income tax credit/(charge) | 555,732 | (3,148,265) | - |
| Profit for the period | 49,252 | 10,097,285 | -99.51% |
| Earnings per share - basic and diluted (Rupees) | 0.08 | 16.93 | -99.53% |
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