EPQL: Lower sales volume hurts profitability

MG News | April 14, 2021 at 03:45 PM GMT+05:00

0:00

April 14, 2021 (MLN): Engro Powergen Qadirpur Limited (EPQL) has unveiled its financial results for the first quarter ended March 31, 2021. As per results, the company has posted net profits of Rs 399 million, depicting the colossal decrease of 55% YoY when compared to net profits of Rs 895 million in the same period last year.

This has translated into earnings per share which dropped to Rs 1.23 per share from Rs 2.77 in the corresponding period last year.

As per an official report on the company’s financial earnings, EPQL witnessed a drop of around 17% YoY in its top-line earnings, while its gross profits came down by 64.5% YoY during the said period.

On the cost front, the administrative expenses jumped by 9.6% YoY to Rs 28 million during 1QCY21, keeping the company’s profitability in check.

While, some of the positive highlights include a 100% increase in net finance income and a 55% YoY decline in tax expenses, providing comfort to its earnings.

Profit and Loss Account for the quarter ended March 31, 2021 ('000 Rupees)
	Mar-21	Mar-20	% Change
Sales	2,331,574	2,801,571	-16.78%
Cost of Sales	(2,020,695)	(1,924,567)	4.99%
Gross Profit	310,879	877,004	-64.55%
Administrative Expenses	(28,578)	(26,078)	9.59%
Other Expenses	(7,611)	(16,972)	-55.16%
Other Income	875	530	65.09%
Profit from Operations	275,565	834,484	-66.98%
Finance Income-net	123,852	61,805	100.39%
Workers' profits participation fund	-	-
Profit before Taxation	399,417	896,289	-55.44%
Taxation	(151)	(933)	-83.82%
Profit for the Period	399,266	895,356	-55.41%
Earnings per share - Basic and Diluted	1.23	2.77	-55.60%

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