BYCO's net profits fall sharply by 91% during 9MFY19

MG News | April 30, 2019 at 11:31 AM GMT+05:00

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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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