Descon Oxychem announces Bonus Share issue of 16%
MG News | September 03, 2020 at 02:05 PM GMT+05:00
September 3, 2020 (MLN): Descon Oxychem Limited has announced its financial result for the year ended June 30, 2020, which shows that the company earned a profit of Rs. 418.4 million, i.e. around 6% higher as compared to the earnings of last year.
The Earnings per share of the company stood at Rs. 3.42, i.e. 11.6% lower than that of the last year.
The company also announced a final Cash Dividend for the year at Rs. 1 per share i.e. 10%. Besides, the Board of Directors recommended issuing Bonus Shares in the proportion of 16 shares for every 100 shares held i.e. 16%.
The sales revenue of the company fell by 2.3% on account of HP prices, which recently went down by Rs. 9/kg. However, a report by Sherman Securities has stated that Covid-19 related demand suppression during 4QFY20 from textile sector was somewhat compensated by demand for HP as a disinfectant.
The impact of a rise in demand for HP was clearly seen in the gross profits, which depicted a growth of 3.7% over the year.
Other major highlights from the financial report include a 50% decline in other income, which was somewhat compensated by a 28.2% decline in non-core expenses.
| Financial Results for the year ended June 30, 2020 (Rupees'000) | |||
|---|---|---|---|
| Jun-20 | Jun-19 | % Change | |
| Sales | 2,641,615 | 2,704,957 | -2.3% |
| Cost of sales | (1,780,357) | (1,874,206) | -5.0% |
| Gross Profit | 861,258 | 830,751 | 3.7% |
| Administrative expenses | (102,785) | (89,619) | 14.7% |
| Distribution and selling costs | (50,719) | (37,844) | 34% |
| Other operating expenses | (48,226) | (67,153) | -28.2% |
| Other income | 10,754 | 21,520 | -50.0% |
| Finance cost | (81,420) | (79,181) | 2.8% |
| Profit before taxation | 588,862 | 578,474 | 1.8% |
| Taxation | (170,439) | (184,205) | -7.5% |
| Profit after taxation | 418,423 | 394,269 | 6.1% |
| Earnings per share | 3.42 | 3.87 | -11.6% |
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