EPCL’s net profit declines by 82% in 1QCY20

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MG News | April 15, 2020 at 04:52 PM GMT+05:00

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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%

 

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