BYCO's quarterly profits crash by over 76 percent
MG News | November 26, 2018 at 04:51 PM GMT+05:00
November 25, 2018 (MLN): BYCO’s profits for the first quarter of current fiscal year, suffered a mighty blow of over Rs.777 million, YoY, (i.e. 76%), as the company recorded gains at Rs.241 million, (EPS: Rs.0.05 per share, -73.7%). Last year during the same timeframe, BYCO’s profits stood at over Rs.1 billion.
This discernible decline came about as a consequence of cost of sales (Rs.52 billion) overrun, which accounted for an escalation of Rs.22.8 billion (i.e. 77%) over last year, causing the gross profits (Rs.1.5 billion) to tumble by nearly Rs.571 million(i.e. approximately 28%).
On top of this, finance costs increased by Rs.326 million (i.e. 66%, YoY), causing further financial damage to BYCO.
| Consolidated Profit and Loss Account for the quarter ended September 30, 2018 ('000 Rupees) | |||
|
| Sep-18 | Sep-17 | % Change |
| Turnover - net | 53,714,387 | 31,441,474 | 70.84% |
| Cost of sales | (52,229,054) | (29,385,333) | 77.74% |
| Gross profit | 1,485,333 | 2,056,141 | -27.76% |
| Administrative expenses | (231,725) | (218,224) | 6.19% |
| Selling and distribution expenses | (129,709) | (89,846) | 44.37% |
| Other income | 206,608 | 143,121 | 44.36% |
| Other expenses | (179,720) | (251,612) | -28.57% |
|
| (334,546) | (416,561) | -19.69% |
| Operating profit | 1,150,787 | 1,639,580 | -29.81% |
| Finance cost | (820,234) | (493,909) | 66.07% |
| Profit before taxation | 330,553 | 1,145,671 | -71.15% |
| Taxation | (89,569) | (127,314) | -29.65% |
| Profit after taxation | 240,984 | 1,018,357 | -76.34% |
| Earnings per share - basic and diluted (rupees) | 0.05 | 0.19 | -73.68% |
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