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
| Name | Price/Vol | %Chg/NChg |
|---|---|---|
| KSE100 | 181,776.60 345.77M | 0.98% 1761.66 |
| ALLSHR | 109,308.50 789.13M | 0.86% 936.37 |
| KSE30 | 54,391.82 176.06M | 1.06% 570.01 |
| KMI30 | 256,134.77 127.57M | 1.02% 2587.38 |
| KMIALLSHR | 70,024.34 435.42M | 0.77% 532.38 |
| BKTi | 52,367.72 86.35M | 1.01% 524.10 |
| OGTi | 35,302.82 9.03M | 1.44% 500.16 |
| Symbol | Bid/Ask | High/Low |
|---|
| Name | Last | High/Low | Chg/%Chg |
|---|---|---|---|
| BITCOIN FUTURES | 64,475.00 | 64,590.00 64,325.00 | -145.00 -0.22% |
| BRENT CRUDE | 83.61 | 83.86 83.29 | 1.12 1.36% |
| RICHARDS BAY COAL MONTHLY | 107.75 | 0.00 0.00 | 2.20 2.08% |
| ROTTERDAM COAL MONTHLY | 116.25 | 116.50 116.25 | 0.20 0.17% |
| USD RBD PALM OLEIN | 1,175.00 | 1,175.00 1,175.00 | 0.00 0.00% |
| CRUDE OIL - WTI | 78.15 | 78.42 77.80 | 0.86 1.11% |
| SUGAR #11 WORLD | 15.58 | 15.60 14.98 | 0.43 2.84% |
Chart of the Day
Latest News
Top 5 things to watch in this week
MTB Auction
Pakistan Stock Movers
| Name | Last | Chg/%Chg |
|---|
| Name | Last | Chg/%Chg |
|---|