Crescent Star and Allied Products Ltd. profits fall 5.96% to Rs. 837 million

MG News | January 29, 2018 at 12:32 PM GMT+05:00

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Crescent Star & Allied Products Ltd. (CSAP) stock saw its stock prices dwindle on the exchange, after it reported profits shrinking by 5.96% during the half year ending December 30, 2017. The company also reported profits declining by more than Rs. 100 million during the last quarter of year 2017, with total profit for the period clocking in at Rs. 415.368 million rupees.

CSAP financial releases on the exchange show an increase of 28% in Cost of sales with net sales up by just 9.16% for the half year. Furthermore, the company incurred increase in finance costs as well. CSAP finance costs took away Rs. 150.32 million from company’s bottom line. Gross margin took a nosedive of more than 40%, shrinking from Rs. 1.55 billion during last year to Rs. 929 million in the period under review.

Company reported a more than 85% increase in income from investments, reaching Rs. 451 million. The management reported an EPS of Rs10.79 vs. an EPS of Rs. 11.47 during half year ending December, 2016.

Board of Directors at the company also approved an interim cash dividend if Re. 1/- (i.e. @10%) per share for the year ending 30 June, 2018.

Comparison of Key Financials
Unconsolidated Profit and Loss Account - For the Half Year Ended, December 31^st 2017
Key Financials	2017	2016	% Change
	Amounts in PKR ‘000
Sales - Net	6,091,718	5,580,643	9.16%
Cost of Sales	5,162,338	4,030,055	28.10%
Gross Profit	929,380	1,550,588	-40.06%
Income from Investments - net	451,965	243,311	85.76%
Distribution and selling expenses	8,976	15,498	-42.08%
Administrative expenses	122,647	142,228	-13.77%
Other operating expenses	74,541	482,876	-84.56%
Other income	28,706	114,734	-74.98%
Operating profit before finance costs	1,203,887	1,268,031	-5.06%
Finance costs	150,320	96,754	55.36%
Profit before Taxation	1,053,567	1,171,277	-10.05%
Taxation	216,027	280,644	-23.02%
Profit for the period	837,540	890,633	-5.96%
EPS - Basic and diluted	10.79	11.47	-5.93%

Company release on Earnings Report can be accessed here.

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