Dawood Hercules reports 48% reduction in net income

By MG News | August 21, 2019 at 01:15 PM GMT+05:00

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August 21, 2019 (MLN): The Board of Directors of Dawood Hercules Corporation Limited, in its meeting held on August 21, 2019, approved the consolidated financial statements of the Company for the half year period ended June 30, 2019.

As per the results, the company has garnered net income of Rs. 11.1 billion for the period, which is nearly 48% less than the earnings of corresponding period in last year.

The Earnings per share of the company were recorded at Rs. 4.6, i.e. around 82% lower than that of same period last year.

The company announced an interim Cash Dividend for the quarter ended June 30, 2019 at Rs. 3 per share i.e. 30%. This is in addition to Interim Dividend already paid at Rs. 5 per share i.e. 50%.

The company was majorly led down by reduction in non-core income by 55%, as well as increase in finance costs by 87%. Increase in income tax expense by 42% further contributed in slashing net earnings.

Profit and loss account for the half year ended June 30, 2019 (Rupees'000)
	June, 2019	June, 2018	% Change
Net sales	85,989,116	71,733,077	19.87%
Cost of sales	-61,010,150	-49,908,340	22.24%
Gross profit	24,978,966	21,824,737	14.45%
Selling and distribution expenses	-3,097,262	-3,564,360	-13.10%
Administrative expenses	-2,727,981	-2,138,586	27.56%
Other income	7,575,595	16,767,077	-54.82%
Other operating expenses	-2,742,870	-2,260,049	21.36%
Finance cost	-5,300,903	-2,830,979	87.25%
Share of income from associates & Joint ventures	690,187	-501,605
Profit before taxation	19,375,732	27,296,235	-29.02%
Taxation	-8,236,909	-5,776,411	42.60%
Profit for the period	11,138,823	21,519,824	-48.24%
Earnings per share (Rupees)- basic and diluted	4.60	26.45	-82.61%

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