EPCL reports decline in net earnings by 44%
MG News | August 06, 2019 at 04:25 PM GMT+05:00
August 6, 2019 (MLN): Engro Polymer and Chemicals Limited (EPCL) has reported Profit after Tax of Rs. 1.5 billion for the half year ended June 31, 2019, signifying a decline of 44.5% over the same period of previous year.
The company’s earnings per share was stated at Rs. 1.7 for the said period as compared to Rs. 3.98 in SPLY, exhibiting a decline of 57%.
EPCL’s sales revenue surged by nearly 9% in spite of fall in PVC prices, as it managed to benefit from PKR devaluation.
Another striking element which contributed to the overall performance was the rise in finance costs by 143%, thanks to debt the hike in interest rates.
| Consolidated Profit and Loss Account for the half year ended June 30 2019 ('000 Rupees) | |||
|---|---|---|---|
| Jun-19 | Jun-18 | % Change | |
| Net revenue | 18,600,321 | 17,101,613 | 8.76% |
| Cost of sales | (14,594,328) | (13,018,532) | 12.10% |
| Gross profit | 4,005,993 | 4,083,081 | -1.89% |
| Distribution and marketing expenses | (165,535) | (211,350) | -21.68% |
| Administrative expenses | (388,455) | (336,180) | 15.55% |
| Other operating expenses | (1,088,639) | (326,357) | 233.57% |
| Other income | 437,613 | 492,402 | -11.13% |
| Operating profit | 2,800,977 | 3,701,596 | -24.33% |
| Finance cost | (727,588) | (298,363) | 143.86% |
| Profit before taxation | 2,073,389 | 3,403,233 | -39.08% |
| Taxation | (528,995) | (619,562) | -14.62% |
| Profit for the period | 1,544,394 | 2,783,671 | -44.52% |
| Earnings per share - basic and diluted (Rupees) | 1.70 | 3.98 | -57.29% |
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