Crescent Steel and allied Products Limited incurs a loss of PKR 4.6 billion: Earnings Report.

MG News | July 31, 2018 at 02:08 PM GMT+05:00

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Crescent Steel and Allied Products Limited released a summary of their Board of Directors meeting, held on July 31^st 2018 in which the company discussed its financial earnings for the Year ending on June 30^th 2018.

As compared to the Year Ending on June 30^th 2017, the company’s Net Sales dropped by 19%. Although they managed to reduce the Cost of Sales by 11.4%, the Gross Profit still decreased by 68%

While Operating Expenses reduced signifcantly, Operating Profits before Finance Cost decreased by 84.6% due to the significant reduction in sales and the losses incurred on investments.

The company managed to reduce their tax payments by 48.4%.

They suffered an overall loss of Rs.61.4 million

Profit and Loss Account for the Year Ended June 30,2018
	2018	2017	% Change
Sales - net	11,462,930	14,145,170	-19.0%
Sale tax	(1,533,174)	(1,859,622)	-17.6%
	9,929,756	12,285,548
Cost of Sales	(9,390,054)	(10,598,021)	-11.4%
Gross Profit /(loss)	539,702	1,687,527	-68.0%
Income from investments	(41,057)	204,848
	498,645	1,892,375
Distribution and selling expenses	(19,405)	(32,281)	-39.9%
Administrative expenses	(198,766)	(307,267)	-35.3%
Other operating expenses	(107,300)	(429,281)	-75.0%
	(325,471)	(768,829)
Operating profit before finance cost	173,174	1,123,546	-84.6%
Other income	153,321	103,745	47.8%
	326,495	1,227,291
Finance costs	(263,964)	(204,626)	29.0%
Share of profit in equity accounted investees
- net of taxations	84,962	569,309	-85.1%
Profit before taxation	147,493	1,591,974	-90.7%
Taxation	(208,912)	(404,853)	-48.4%
Profit after tax	(61,419)	1,187,121

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