Descon Oxychem records a profit of PKR 14 million during 1QFY21
MG News | October 22, 2020 at 12:28 PM GMT+05:00
October 22, 2020 (MLN): Descon Oxychem Limited has recorded profits of Rs. 14.06 million (EPS: 0.11) for the quarter ended September 30, 2020, i.e. nearly 79% lower than the earnings reported in the same period of last year.
The major reason for such a significant decline in profits was i) almost no change in revenue and ii) higher cost of goods sold. These two factors caused the gross profits to decline by 55%.
While there were some positive changes such as a 21% decline in administrative expenses, 36% decline in other expenses and 85% decline in finance costs, their impact on the profit before tax was disguised as it fell by nearly 68%.
The company paid an income tax expense of Rs. 7.6 million during the period, which is around 43% lower than the same period of last year.
| Financial Results for the quarter ended September 30, 2020 (Rupees'000) | |||
|---|---|---|---|
| Sep-20 | Sep-19 | % Change | |
| Sales | 620,514 | 628,817 | -1.3% |
| Cost of goods sold | (556,414) | (484,481) | 14.8% |
| Gross profit | 64,100 | 144,336 | -55.6% |
| Distribution costs | (13,644) | (13,804) | -1.2% |
| Administrative expenses | (20,857) | (26,387) | -21.0% |
| Other expenses | (4,683) | (7,296) | -35.8% |
| Other income | 2,149 | 6,320 | -66.0% |
| Finance cost | (5,315) | (35,462) | -85.0% |
| Profit before taxation | 21,750 | 67,707 | -67.9% |
| Taxation | (7,684) | (13,547) | -43.3% |
| Profit after taxation | 14,066 | 54,160 | -74.0% |
| Earnings per share | 0.11 | 0.53 | -79.2% |
Copyright Mettis Link News
Related News
.png?width=280&height=140&format=Webp)
| Name | Price/Vol | %Chg/NChg |
|---|---|---|
| KSE100 | 174,429.93 266.16M | -0.97% -1703.64 |
| ALLSHR | 105,686.64 690.97M | -0.83% -882.18 |
| KSE30 | 52,098.85 92.59M | -1.07% -565.05 |
| KMI30 | 245,280.51 99.76M | -1.03% -2557.91 |
| KMIALLSHR | 67,681.60 339.32M | -0.84% -574.20 |
| BKTi | 49,745.96 31.42M | -0.99% -497.94 |
| OGTi | 34,431.76 6.26M | -0.55% -190.66 |
| Symbol | Bid/Ask | High/Low |
|---|
| Name | Last | High/Low | Chg/%Chg |
|---|---|---|---|
| BITCOIN FUTURES | 65,970.00 | 0.00 0.00 | -40.00 -0.06% |
| BRENT CRUDE | 93.80 | 95.47 91.31 | 2.79 3.07% |
| RICHARDS BAY COAL MONTHLY | 105.75 | 0.00 0.00 | -1.25 -1.17% |
| ROTTERDAM COAL MONTHLY | 119.65 | 0.00 0.00 | -0.45 -0.37% |
| USD RBD PALM OLEIN | 1,135.00 | 1,135.00 1,135.00 | 0.00 0.00% |
| CRUDE OIL - WTI | 86.48 | 88.61 84.44 | 2.14 2.54% |
| SUGAR #11 WORLD | 14.75 | 14.94 14.67 | -0.13 -0.87% |
Chart of the Day
Latest News
Top 5 things to watch in this week
Lending and Deposit Rates
Pakistan Stock Movers
| Name | Last | Chg/%Chg |
|---|
| Name | Last | Chg/%Chg |
|---|