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% |
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