Dawood Hercules observes a considerable drop in profits by 63%
MG News | April 29, 2019 at 03:05 PM GMT+05:00
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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