Mettis Global News
Mettis Global News
Mettis Global News
Mettis Global News

Trending :

DCL earnings fail to rise despite substantial drop in taxes

Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp

October 25, 2018 (MLN): Dewan Cement Limited (DCL) earnings fell by 24.79% for the first quarter ended 30th September 2018, in spite of the company witnessing a major drop in their income taxes.

According to the notification issued to PSX, the decrease in net Turnover by 2.31% was further fueled by an increase in Cost of sales by 3.09%, pulling down the gross profit by 23.4%

Even though the major Operating expenses showed a slight increase, the drop in other operating expenses by 46.89% and increase in other operating income by 258.95% was a major source of alleviation for the company.

Furthermore, the increase in Finance costs by 51.64% i.e. Rs. 4 million also subsidized in worsening the financial position of the company.

Surprisingly, even the drop in income taxes by 41.41% i.e. Rs. 65 million failed to lift the profits of the company as compared to last year, causing the profits to drop by Rs. 60 million.

The Earnings per share of the company were stated at 0.38 for the quarter ended 30th September 2018, 25.49% down from previous year.

Profit and loss account for the quarter ended September 30th 2018 (Rupees'000)

 

Sep-18

Sep-17

% Change

Turnover – net

2,917,775

2,986,786

-2.31%

Cost of sales

-2,451,069

-2,377,497

3.09%

Gross profit

466,706

609,289

-23.40%

Distribution cost

-45,876

-43,326

5.89%

Administrative expenses

-106,659

-107,394

-0.68%

Other operating expenses

-24,547

-46,215

-46.89%

Other operating income

682

190

258.95%

Finance cost

-12,644

-8,338

51.64%

Profit before taxation

277,662

404,206

-31.31%

Taxation – net

-92,837

-158,459

-41.41%

Profit after taxation

184,825

245,747

-24.79%

Earnings per share Basic and diluted

0.38

0.51

-25.49%

Copyright Mettis Link News

Posted on: 2018-10-25T10:26:00+05:00

23863