Earning Review: Systems Ltd observes remarkable growth in PAT

MG News | August 27, 2019 at 10:55 AM GMT+05:00

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August 27, 2019 (MLN): Systems Limited (SYS) observed a remarkable increase in its half yearly net profits after tax by 93% YoY to Rs 878 million with Earning per share reported at Rs 7.61.

As company derives most of the revenues from exports and due to rupee depreciation against green back, its net revenues rose by 53.6% during the period.

Moreover, the company observed 81% increase in its other income due to gain on foreign currency translation as rupee saw depreciation during the period under review.

Among other major heads, company’s distribution cost, administrative cost and other operating expenses surged by 46.5%, 38% and 45% respectively. In addition, finance cost mounted considerably by 144% owing to rise in interest rates.

Consolidated Condensed Interim Profit and Loss account for half Year ended June 30th 2019 (Rupees)
	Jun-19	Jun-18	% Change
Revenue - net	3,580,778,430	2,331,108,188	53.61%
Cost of sales	2,477,916,571	1,679,069,483	47.58%
Gross profit	1,102,861,859	652,038,705	69.14%
Distribution cost	95,484,319	65,146,617	46.57%
Administrative expenses	321,590,760	232,527,168	38.30%
Other operating expenses	67,008,726	46,162,700	45.16%
Other income	294,009,653	162,471,614	80.96%
Operating profit	912,787,707	470,673,834	93.93%
Finance cost	19,791,671	8,087,125	144.73%
Profit before taxation	892,996,036	462,586,709	93.04%
Taxation	14,809,628	9,541,840	55.21%
Profit after taxation	878,186,408	453,044,869	93.84%
Earnings per share - basic	7.61	4.11	85.16%

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