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

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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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