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

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

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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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