Descon Oxychem records a profit of PKR 14 million during 1QFY21

MG News | October 22, 2020 at 12:28 PM GMT+05:00

0:00

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

Name	Price/Vol	%Chg/NChg
KSE100	183,951.51 437.36M	0.86% 1567.36
ALLSHR	110,404.19 1,033.26M	0.83% 904.56
KSE30	56,444.71 215.70M	0.97% 542.89
KMI30	256,899.68 148.80M	0.57% 1456.31
KMIALLSHR	70,211.69 431.51M	0.37% 259.26
BKTi	54,236.03 111.52M	2.00% 1065.69
OGTi	35,973.69 18.04M	1.08% 383.06

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	95,825.00	96,625.00 95,315.00	1110.00 1.17%
BRENT CRUDE	65.46	65.92 63.84	1.59 2.49%
RICHARDS BAY COAL MONTHLY	86.75	0.00 0.00	-1.65 -1.87%
ROTTERDAM COAL MONTHLY	98.25	98.25 98.00	1.20 1.24%
USD RBD PALM OLEIN	1,027.50	1,027.50 1,027.50	0.00 0.00%
CRUDE OIL - WTI	61.14	61.20 61.07	-0.01 -0.02%
SUGAR #11 WORLD	14.86	15.00 14.78	0.02 0.13%