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

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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