EPQL records a 30% decline in profits during 1HCY20

MG News | August 06, 2020 at 03:40 PM GMT+05:00

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August 6, 2020 (MLN): Engro Powergen Qadirpur Limited has reported earnings of Rs. 1.3 billion (EPS: Rs. 4.04) for the half-year ended on June 30, 2020, i.e. nearly 30% lower than the figures recorded in the same period of last year.

The decline in earnings was a result of a decrease in sales revenue by around 40%, which left a drastic impact on the gross profit which fell by 41%.

Savings in non-core expense by 64%, along with a 53.8x improvement in other income provided some respite to the company.

Further relief came from the presence of finance income of around Rs. 111.9 million, whereas an increase in income tax expense by 43.8x suppressed the earnings.

Even though the profits of the company fell during the period, the net profit margin improved from 25.8% to 30.12%. On the other hand, the Gross margin fell from 28.6% to 27.8%.

Profit and Loss Account for the half-year ended June 30, 2020 (Rupees)
	Jun-20	Jun-19	% Change
Sales	4,353,381	7,233,728	-39.82%
Cost of Sales	(3,141,134)	(5,168,241)	-39.22%
Gross Profit	1,212,247	2,065,487	-41.31%
Administrative Expenses	(49,700)	(42,172)	17.85%
Other Expenses	(29,931)	(82,693)	-63.80%
Other Income	79,459	1,449	5383.71%
Profit from Operations	1,212,075	1,942,071	-37.59%
Finance Income / (Cost)	111,917	(72,022)
Workers' profits participation fund and Workers' welfare fund	-	-
Profit before Taxation	1,323,992	1,870,049	-29.20%
Taxation	(14,332)	(2,662)	438.39%
Profit for the Period	1,309,660	1,867,387	-29.87%
Earnings per share - Basic and Diluted	4.04	5.77	-29.98%

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