Engro Powergen profits grow by 3.85% following reduced cost of production

MG News | October 16, 2018 at 01:04 PM GMT+05:00

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October 16, 2018 (MLN): The profits for Engro Powergen Qadripur Limited have slightly surged by 3.85%, owing to a considerable decline in the cost of production of the company for the nine months ending September 30^th, 2018 as compared to the corresponding period last year

According to the notification issued to PSX by the company, the cost of sales fell by almost Rs. 518 million (7.73%), negating the effect of decreased sales on the gross profit which increased by Rs. 126 million (6.02%) as compared to the corresponding period last year.

A major blow to the company profits however came from a reduced non-core income by 98.71%, which almost amounted to Rs. 108 million.

Combined effect of reduction in Administrative expenses by Rs. 8.1 million (5.93%) along with finance cost by Rs. 47 million (22.35%) managed to upswing the ultimate profits of the company.

Correspondingly, the Earnings per share reported an increase of 3.85% for the period ending September 30^th, 2018 as compared to last year.

Profit and Loss Account for the Nine Months Ending on September 30th 2018 ('000 Rupees)
	Sep-18	Sep-17	% Change
Sales	8,406,930	8,798,825	-4.45%
Cost of sales	-6,185,149	-6,703,292	-7.73%
Gross profit	2,221,781	2,095,533	6.02%
Administrative expenses	-128,777	-136,892	-5.93%
Other expenses	-5,263	-2,863	83.83%
Other income	1,420	110,028	-98.71%
Profit from operations	2,089,161	2,065,806	1.13%
Finance cost	-165,030	-212,520	-22.35%
Profit before taxation	1,924,131	1,853,286	3.82%
Taxation	-272	-380	-28.42%
Profit for the period	1,923,859	1,852,906	3.83%
Earnings per share - basic and diluted	5.94	5.72	3.85%

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