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 31st 2018 in which the company discussed its financial earnings for the Year ending on June 30th 2018.
As compared to the Year Ending on June 30th 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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