Descon Oxychem announces Bonus Share issue of 16%

MG News | September 03, 2020 at 02:05 PM GMT+05:00

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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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