CSAP posts a massive 95% decline in net losses during FY20
MG News | August 28, 2020 at 01:05 PM GMT+05:00
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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