August 28, 2020 (MLN): Crescent Steel and Allied Products Limited (CSAP) has reported a net loss of Rs 19.86 million in FY20, showing a massive decline of 95% against a net loss of Rs 419 million in the corresponding period last year.
This has translated into a loss per share which clocked in at Rs 0.26 against Rs 5.40 reported in the aforementioned period.
The decrease in net losses was mainly attributable to a 46% YoY decline in the cost of sales.
As per the financial statement issued by the company to PSX, despite a significant fall in net revenue by 44% YoY, CSAP earned gross profits of Rs 50 million in FY20 as compared to the gross loss of Rs 124 million in FY19 on an account of a substantial decrease in the cost of sales.
The other major highlights include a decrease in distribution and selling expenses by 16% YoY whereas administrative expenses increased by 17.7% YoY along with a significant decline of 26% YoY in other income.
Meanwhile, the company witnessed a meager decline in finance cost by 0.9% YoY to Rs 315 million.
|
Consolidated Profit and Loss Account for the Year Ended June 30, 2020 |
|||
|---|---|---|---|
|
|
2020 |
2019 |
% Change |
|
Sales – net |
4,473,010 |
7,285,295 |
-38.6% |
|
Sales tax |
(650,808) |
(431,727) |
50.7% |
|
|
3,822,202 |
6,853,568 |
-44.2 |
|
Cost of Sales |
(3,771,306) |
(6,977,733) |
-46.0% |
|
Gross Profit /(loss) |
50,896 |
(124,165) |
-141.0% |
|
Income/(loss) from investments-net |
62,132 |
(68,035) |
– |
|
|
113,028 |
(192,200) |
– |
|
Distribution and selling expenses |
(13,324) |
(15,888) |
-16.1% |
|
Administrative expenses |
(249,986) |
(212,340) |
17.7% |
|
Other operating expenses |
(25,958) |
(71,187) |
-63.5% |
|
|
(289,268) |
(299,415) |
|
|
Operating profit before finance cost |
(176,240) |
(491,615) |
-64.2% |
|
Other income |
35,440 |
47,996 |
-26.2% |
|
|
(140,800) |
(443,619) |
-68.3% |
|
Finance costs |
(315,109) |
(317,819) |
-0.9% |
|
Share of profit in equity accounted investees |
|
|
|
|
– net of taxations |
173,479 |
396,761 |
-56.3% |
|
Loss before taxation |
(282,430) |
(364,677) |
-22.6% |
|
Taxation |
(262,563) |
54,699 |
– |
|
Loss for the year |
(19,867) |
(419,376) |
-95.3% |
|
Basic and diluted loss per share |
(0.26) |
(5.40) |
-95.2% |
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