February 25, 2019 (MLN): Jubilee Spinning and Weaving Mills issued its financial earnings report on February 25, as per which the company has earned profits of Rs. 8 million (EPS: 0.26) for the half year ended December 31, 2018, 47% lower than the gains made in same period of last year (SPLY).
The reason for the reduction in bottom-line gains was attributed to fall in company’s sales revenue which plummeted by around Rs. 7 million. Moreover, increase in operating expense and presence of finance cost also played a part in dragging down the profits of the company.
Blessed Textiles Limited declared profits of Rs. 207 million (EPS: 32.32) for the above mentioned period, indicating an increase of 29% from the net earnings of SPLY.
The company enjoyed a decent growth in its sales revenue and non-core income, which helped in combating most of the impact caused by increase in company’s operating expenses, finance cost and taxation.
Century Paper and Board Mills Limited reported profits of Rs. 487 million (EPS: 3.1) for the said period, i.e. 12% more than the profits of SPLY. The company mainly benefited from a larger absolute increase in sales revenue as compared to its cost of sales. Moreover, the company paid lesser taxes this year, which in turn led to improved bottom-lines
Bhanero textile Mills Limited stated its net profits at Rs. 444 million (EPS: 148.23) for the aforementioned period, witnessing a substantial growth of 159% as compared to SPLY. This growth in the net earnings was mainly led by the presence of non-core income, which contributed around Rs. 215 million more to the net profits of the company.
Ferozsons Laboratories Limited announced profits of Rs. 141 million (EPS: 4.69) for the said period, accelerating sharply by 79% as compared to SPLY. The blend of increase in top-line earnings and drop in cost of sales played a substantial role in lifting the net profits of the company. Moreover, the taxation expense also fell significantly by Rs. 24 million, providing further stimulus to the company’s financial position.
Feroze 1888 Mills Limited reported a substantial increase in its profits by 142% to Rs. 2.2 billion for the said period, with an EPS recorded at Rs 5.99. The growth was attributed increase in topline earnings.
Fecto Cement Limited’s profits for the same period declined by 53.7 % to Rs 105.3 million (EPS: 2.1), on account of higher operating expenses.
The following companies also announced their financial earnings result on February 25, with prime focus directed towards the half year ended on December 31, 2018.
Net Income for half year ended December 31, 2018 (Rupees)
% Change over the year
Mian Textiles Industries Limited
Fateh Industries Limited
First Pak Modaraba
Sardar Chemical Industries Limited
Rupali Polyester Limited
Saritow Spinning Mills Limited
Biafo Industries Limited
Hamid Textiles Mills
Shaffi Chemical Industries Limited
Ghazi Fabrics International Limited
Ideal Spinning Mills Limited
Escorts Investment Bank Limited
Pakistan National Shipping Corporation
Idrees Textile Mills Limited
Habib Metro Modaraba
Al-Khair Gadoon Limited
Punjab Oil Mills Limited
SG Allied Businesses Limited