April 15, 2020 (MLN): Engro Polymer and Chemicals Limited has declared the financial results for the first quarter ended March 31, 2020, which shows a profit after tax figure of Rs. 192.8 million (EPS: Rs. 0.21) i.e. 82% lower than the PAT of the same period last year.
According to a research report by BIPL Securities, the profits declined on the back of a fall in revenue by 24%, which was partially caused by the plant closure. higher fuel charges and a 1.8x increase in finance cost also dented the profitability of the company.
A decline in demand from the construction as well as the textile sector also took a toll on the company’s performance.
Consolidated Profit and Loss Account for the Quarter ended March 31, 2020 ('000 Rupees) | |||
|---|---|---|---|
2020 | 2019 | % Change | |
Net revenue | 7,057,942 | 9,343,634 | -24.46% |
Cost of sales | (5,806,680) | (7,428,573) | -21.83% |
Gross profit | 1,251,262 | 1,915,061 | -34.66% |
Distribution and marketing expenses | (72,325) | (93,489) | -22.64% |
Administrative expenses | (113,924) | (119,375) | -4.57% |
Other operating expenses | (538,283) | (124,665) | 331.78% |
Other income | 445,509 | 212,456 | 109.69% |
Operating profit | 972,239 | 1,789,988 | -45.68% |
Finance cost | (767,660) | (268,364) | 186.05% |
Profit before taxation | 204,579 | 1,521,624 | -86.56% |
Taxation | (11,739) | (427,466) | -97.25% |
Profit for the period | 192,840 | 1,094,158 | -82.38% |
Earnings per share – basic and diluted (Rupees) | 0.21 | 1.20 | -82.50% |
Copyright Mettis Link News
34211
