EPCL posts a massive 86% YoY decline in half-year profits

News Image

By MG News | August 07, 2020 at 05:12 PM GMT+05:00

0:00

August 7, 2020 (MLN): Engro Polymer and Chemicals Limited (EPCL) has unveiled its financial results for the six months ended June 30, 2020.  As per results, the company has posted net profits of Rs 222 million, depicting the colossal decrease of 85.59% YoY when compared to net profits of Rs 1.54 billion in the same period last year. 

This has translated into earnings per share which clocked in at Rs 0.24 against Rs 1.70 in the aforementioned period.

The massive decline in earnings seen in the financial results below is a result of lower volumetric sales during the period, owing to lower economic activity stemming from the COVID-19 pandemic. The gross profits of the company came down by 51% YoY. As a result of this, the gross margins shrank from 20.89% to 14.80%.

As per the financial statement issued by the company, some of the positive highlights include a decrease in distribution & marketing expenses and other operating expenses by 24% YoY and 41% YoY respectively while other income of the company surged by 57% YoY to Rs 687 million.

The other major highlight is the colossal finance cost which increased by around 88% YoY from Rs 727 million to Rs 1.36 billion when compared to the prior year, hurting the financial stability of the company.

Consolidated Profit and Loss Account for the half-year ended June 30, 2020 ('000 Rupees)

 

Jun-20

Jun-19

% Change

Net revenue

 12,874,294

 18,600,321

-30.78%

Cost of sales

 (10,968,700)

 (14,715,359)

-25.46%

Gross profit

 1,905,594

 3,884,962

-50.95%

Distribution and marketing expenses

 (113,203)

 (150,289)

-24.68%

Administrative expenses

 (246,983)

 (282,670)

-12.62%

Other operating expenses

 (640,188)

 (1,088,639)

-41.19%

Other income

 687,506

 437,613

57.10%

Operating profit

 1,592,726

 2,800,977

-43.14%

Finance cost

 (1,366,881)

 (727,588)

87.86%

Profit before taxation

 225,845

 2,073,389

-89.11%

Taxation

 (3,224)

 (528,995)

-99.39%

Profit for the period

 222,621

 1,544,394

-85.59%

Earnings per share - basic and diluted (Rupees)

 0.24

 1.70

-85.88%

Copyright Mettis Link News

Related News

Name Price/Vol %Chg/NChg
KSE100 130,344.03
345.79M
1.67%
2144.61
ALLSHR 81,023.99
1,021.87M
1.55%
1236.37
KSE30 39,908.26
141.62M
2.05%
803.27
KMI30 189,535.00
150.29M
1.40%
2619.39
KMIALLSHR 54,783.66
508.76M
1.07%
581.78
BKTi 34,940.73
55.86M
4.37%
1464.05
OGTi 28,296.06
16.02M
1.19%
333.47
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 109,670.00 110,105.00
109,405.00
-615.00
-0.56%
BRENT CRUDE 68.61 69.00
68.58
-0.50
-0.72%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
0.75
0.78%
ROTTERDAM COAL MONTHLY 109.20 110.00
108.25
1.70
1.58%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 66.99 67.50
66.97
-0.46
-0.68%
SUGAR #11 WORLD 15.56 15.97
15.44
-0.14
-0.89%

Chart of the Day


Latest News
July 03, 2025 at 06:01 AM GMT+05:00

MG Morning Breeze: Updates to Skim before Market


July 02, 2025 at 11:05 PM GMT+05:00

Cement sales flat in FY25


July 02, 2025 at 10:50 PM GMT+05:00

SBP reserves cross $14bn mark in FY25


July 02, 2025 at 05:29 PM GMT+05:00

CDNS revises profit rates on savings schemes


July 02, 2025 at 05:05 PM GMT+05:00

PSX in FY25: From Oof to Boom



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg