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HomeEquityDawood Hercules reports 48% reduction in net income

Dawood Hercules reports 48% reduction in net income

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%

 

Copyright Mettis Link News

Posted on: 2019-08-21T13:15:00+05:00

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