D.G Khan Cement’s profits slip by 87.5% as cost of sales rise
MG News | October 25, 2018 at 05:27 PM GMT+05:00
October 25, 2018 (MLN): D.G Khan Cement Company Ltd.’s profits for the 1st quarter ended 30th September 2018 demonstrated a substantial decline of 87.5%, primarily due to a sizable increase in cost of sales of about 42.29% (Rs2.29 bln).
Even though, company’s selling and distributional cost and other expenses exhibited a decline of 22.63% and 70.28% respectively, the cost of sales increased by a considerable margin which sharply declined company’s profits.
The Earnings per share of the company recorded an ample decline of around 87.52% from Rs6.25 per share to Rs0.78 per share.
| Condensed Interim Statement of Profit and Loss for the 1st Quarter ended September 30th, 2018 ('000 Rupees) |
|
| Sep-18 | Sep-17 | % Change |
|---|---|---|---|
| Sales | 8,788,734 | 8,110,392 | 8.36% |
| Cost of sales | (7,709,856) | (5,418,234) | 42.29% |
| Gross profit | 1,078,878 | 2,692,158 | -59.93% |
| Administrative expenses | (187,198) | (168,080) | 11.37% |
| Selling and distribution expenses | (183,919) | (237,724) | -22.63% |
| Other expenses | (83,621) | (281,327) | -70.28% |
| Other income | 475,048 | 491,755 | -3.40% |
| Changes in fair value of biological assets | 27,196 | - |
|
| Finance cost | (650,853) | (96,499) | 574.47% |
| Profit before taxation | 475,531 | 2,400,283 | -80.19% |
| Taxation | (133,975) | 333,035 |
|
| Profit after taxation | 341,556 | 2,733,318 | -87.50% |
| Earnings per share - basic and diluted (Rupees) | 0.78 | 6.25 | -87.52% |
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