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EPQL: Lower sales volume hurts profitability

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%

 

Copyright Mettis Link News

Posted on: 2021-04-14T15:44:00+05:00

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