October 25, 2018 (MLN): Byco Petroleum Pakistan Ltd. (BYCO) profits for the year ended 30th June 2018 demonstrated a remarkable increase of 194%, primarily due to a sizable increase in topline earnings of about 88%.
Even though, the company’s administrative expenses, selling and distributional cost and other expenses exhibited an increase of 5%, 20% and 20% respectively, the increase in topline earnings cancelled out most of the negative impact generated.
The Earnings per share of the company recorded an increase of around 200% from Rs0.27 per share to Rs0.81 per share.
Consolidated Profit and Loss Account for the Year Ended June 30th, 2018 ('000 Rupees)
Jun-18
Jun-17
% change
(Re-stated)
Turnover-net
166,290,362
88,420,362
88%
Cost of sales
(158,056,974)
(85,116,134)
86%
Gross profit
8,233,388
3,304,228
149%
Administrative expenses
(841,288)
(799,947)
5%
Selling and distribution expenses
(389,929)
(324,210)
20%
Other income
1,660,086
1,616,079
3%
Other expenses
(1,331,337)
(1,109,099)
20%
(902,468)
(617,177)
46%
Operating profit
7,330,920
2,687,051
173%
Finance costs
(2,878,071)
(2,284,632)
26%
Profit before taxation
4,452,849
402,419
1007%
Taxation
(151,781)
1,059,591
Profit after taxation
4,301,068
1,462,010
194%
Earnings per share – basic and diluted (Rupees) – Re-stated
