BYCO's net profits fall sharply by 91% during 9MFY19
MG News | April 30, 2019 at 11:31 AM GMT+05:00
April 30, 2019 (MLN): Byco Petroleum Limited (BYCO) , has announced its financial results for the nine months ended on March 31st 2019, as per which BYCO's net profits fell sharply by 91% with EPS recorded at Rs 0.05 compared to the same period last year, owing to currency depreciation which wreaked havoc on the company's bottom-line.
The net profit reorded at Rs.261.7 million as compared with Rs2.8 billion a year earlier.
During the period, the company’s net revenues were up by 35%, but more than proportionate increase in the cost of sales made the gross profits decline by 62%.
Additionally, the upsurge in operating expenses and finance cost put an additional dent on the profitability of the company.
| Consolidated Profit and Loss Account for the nine months ended March 31, 2019 ('000 Rupees) | |||
|---|---|---|---|
|
| Mar-19 | Mar-18 | % Change |
| Turnover - net | 145,219,429 | 107,570,754 | 35.00% |
| Cost of sales | (142,760,798) | (101,073,010) | 41.25% |
| Gross profit | 2,458,631 | 6,497,744 | -62.16% |
| Administrative expenses | (642,710) | (572,608) | 12.24% |
| Selling and distribution expenses | (343,156) | (280,101) | 22.51% |
| Other expenses | (554,733) | (974,353) | -43.07% |
| Other income | 807,204 | 490,908 | 64.43% |
|
| (733,395) | (1,336,154) | -45.11% |
| Operating profit | 1,725,236 | 5,161,590 | -66.58% |
| Finance cost | (2,133,515) | (1,937,653) | 10.11% |
| Profit before taxation | (408,279) | 3,223,937 | -112.66% |
| Taxation | 669,995 | (386,430) | -273.38% |
| Profit after taxation | 261,716 | 2,837,507 | -90.78% |
| Earnings per share - basic and diluted (rupees) | 0.05 | 0.53 | -90.57% |
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