Earning Review: Pak Elektron reports 32.6% decline in PAT
MG News | August 23, 2019 at 03:55 PM GMT+05:00
August 23, 2019 (MLN): Pak Electron Limited (PAEL) has announced its financial results for the half year ended on June 30th 2019, as per which the company reported its Profits after tax declined by 32.6% to Rs 275.7 million with EPS clocked in at Rs 0.51.
The decrease in earnings has come largely from meagre sales volume and higher cost of sales which declined company’s gross profits marginally to Rs 1.66 billion.
Moreover, a jump in finance costs by 29% due to rising cost of borrowing also declined company’s profitability.
On expenses front, company’s administrative expenses and distribution expenses surged by 8% and 2.6% respectively, whereas, its other operating expenses declined by 32%.
However, the company enjoyed reduction in tax payments of about 9%, but the impact failed to elevate company’s net profits.
| Consolidated Financial Results for the half year ended June 30th 2019 ('000 Rupees) | |||
|---|---|---|---|
|
| Jun-19 | Jun-18 | % Change |
| GROSS SALES | 16,006,595 | 14,980,131 | 6.85% |
| SALES TAX AND DISCOUNTS | (2,256,930) | (2,041,342) | 10.56% |
| NET SALES | 13,749,665 | 12,938,789 | 6.27% |
| COST OF SALES | (12,081,830) | (11,254,158) | 7.35% |
| GROSS PROFIT | 1,667,835 | 1,684,631 | -1.00% |
| OTHER OPERATING INCOME | 21,449 | 9,057 | 136.82% |
| DISTRIBUTION COST | (316,242) | (307,943) | 2.69% |
| ADMINISTRATIVE EXPENSES | (360,241) | (333,821) | 7.91% |
| OTHER OPERATING EXPENSES | (25,098) | (36,931) | -32.04% |
| FINANCE COST | (706,733) | (546,017) | 29.43% |
| SHARE OF PROFIT/(LOSS) OF ASSOCIATE | - | - |
|
| PROFIT BEFORE TAXATION | 280,970 | 468,976 | -40.09% |
| PROVISION FOR TAXATION | (5,241) | (59,721) | -91.22% |
| PROFIT AFTER TAXATION | 275,729 | 409,255 | -32.63% |
| EARNINGS PER SHARE | 0.51 | 0.78 | -34.62% |
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