Dawood Hercules observes a considerable drop in profits by 63%

By MG News | April 29, 2019 at 03:05 PM GMT+05:00

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April 29, 2019 (MLN): Dawood Hercules Corporation Limited has announced its financial earnings for the Quarter ended on March 31st 2019 , as per which company stated a considerable decline in its net profits by around 62.6% to Rs 6.7 billion from Rs 17.8 billion recorded in the same quarter last year.

During the period, company’s cost of sales grew by 30%, administrative expenses by 50% and finance cost by 32% which made the profits before tax drop by 55%.

Furthermore, the company's other income declined by 79% which put an additional dent on profitability of the company.

The company’s Earnings per share stood at Rs. 3.33 as compared to last year’s EPS of Rs.26.15, down by 87%.

The Board of Directors of the company announced an interim cash dividend for the above mentioned quarter at Rs.5 per share i.e. 50%.

Financial Results for the Quarter ended March 31st 2019 (Rupees '000')
	Mar-19	Mar-18	% Change
Net sales	40,647,358	33,524,875	21.25%
Cost of sales	(28,645,147)	(21,966,894)	30.40%
Gross profit	12,002,211	11,557,981	3.84%
Selling and distribution expenses	(1,740,448)	(1,839,444)	-5.38%
Administrative expenses	(1,498,633)	(1,001,374)	49.66%
Other income	2,953,054	14,099,151	-79.06%
Other operating expenses	(701,896)	(597,643)	17.44%
Finance costs	(1,819,145)	(1,372,491)	32.54%
Share of income from associates and Joint ventures	409,732	416,051	-1.52%
Profit before taxation	9,604,875	21,262,231	-54.83%
Taxation	(2,930,948)	(3,399,493)	-13.78%
Profits for the period	6,673,927	17,862,738	-62.64%
Basic and diluted earnings per share	3.33	26.15	-87.27%

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