CSAP posts a massive 95% decline in net losses during FY20

MG News | August 28, 2020 at 01:05 PM GMT+05:00

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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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