EPCL’s net profit declines by 82% in 1QCY20
MG News | April 15, 2020 at 04:52 PM GMT+05:00
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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