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BYCO’s quarterly profits crash by over 76 percent

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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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Posted on: 2018-11-26T16:51:00+05:00

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