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
.jpeg)
| Name | Price/Vol | %Chg/NChg |
|---|---|---|
| KSE100 | 155,087.51 74.32M | 0.42% 647.83 |
| ALLSHR | 95,014.88 293.02M | 0.37% 346.72 |
| KSE30 | 47,336.21 36.66M | 0.46% 216.30 |
| KMI30 | 226,308.84 39.27M | 0.08% 183.13 |
| KMIALLSHR | 63,708.89 127.70M | 0.22% 139.84 |
| BKTi | 41,859.86 12.64M | 0.57% 237.03 |
| OGTi | 31,594.21 4.00M | 0.33% 105.43 |
| Symbol | Bid/Ask | High/Low |
|---|
| Name | Last | High/Low | Chg/%Chg |
|---|---|---|---|
| BITCOIN FUTURES | 116,985.00 | 116,990.00 115,160.00 | -280.00 -0.24% |
| BRENT CRUDE | 67.39 | 67.43 66.78 | 0.40 0.60% |
| RICHARDS BAY COAL MONTHLY | 84.00 | 84.00 84.00 | -1.90 -2.21% |
| ROTTERDAM COAL MONTHLY | 93.00 | 93.25 92.75 | 0.00 0.00% |
| USD RBD PALM OLEIN | 1,106.50 | 1,106.50 1,106.50 | 0.00 0.00% |
| CRUDE OIL - WTI | 63.11 | 63.13 62.52 | 0.42 0.67% |
| SUGAR #11 WORLD | 15.81 | 15.87 15.67 | -0.01 -0.06% |
Chart of the Day
Latest News
Top 5 things to watch in this week
Pakistan Stock Movers
| Name | Last | Chg/%Chg |
|---|
| Name | Last | Chg/%Chg |
|---|