Earning Review: FCCL receives a crushing blow from higher tax expenses
MG News | August 27, 2019 at 01:14 PM GMT+05:00
August 27, 2019 (MLN): Fauji Cement Company Limited has declared net income of Rs. 2.8 billion (EPS: Rs. 2.05) for the year ended June 30, 2019, which is 17% lower than the income recorded in last year.
According to the financial report issued by the company, the sales revenue exhibited slight decline of 1.7%, mainly owing to decline in volumetric sales. On the other hand, the cost of sales slipped by 4% in spite of higher input costs. This translated into a growth in gross profits by 5%.
Despite lower volumetric sales, the distribution and administrative expenses of the company grew by 6% and 8% respectively.
Nonetheless, the biggest blow to the company was given by income tax expense, as it jumped by 137%.
The company also announced a final cash dividend for the year at Rs. 0.75 per share of Rs.10/- each i.e. 7.5 %. This is in addition to interim cash dividend already paid at Rs. 0.75 per share of Rs. 10 each, i.e. 7.5%.
| Profit and loss account for the year ended June 30, 2019 (Rupees'000) | |||
|---|---|---|---|
|
| June, 2019 | June, 2018 | % Change |
| Turnover-net | 20,798,082 | 21,160,878 | -1.71% |
| Cost of sales | -15,474,771 | -16,124,517 | -4.03% |
| Gross profit | 5,323,311 | 5,036,361 | 5.70% |
| Distribution cost | -210,335 | -197,707 | 6.39% |
| Administrative expenses | -415,979 | -385,602 | 7.88% |
| Other operating expenses | -326,689 | -311,184 | 4.98% |
| Finance cost | -106,758 | -147,813 | -27.77% |
| Other income | 148,358 | 104,094 | 42.52% |
| Profit before taxation | 4,411,908 | 4,098,149 | 7.66% |
| Income tax expense | -1,587,610 | -668,685 | 137.42% |
| Profit for the year | 2,824,298 | 3,429,464 | -17.65% |
| Earnings per share - basic and diluted (Rupees) | 2.05 | 2.49 | -17.67% |
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