BYCO's quarterly profits crash by over 76 percent

MG News | November 26, 2018 at 04:51 PM GMT+05:00

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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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