Feroze Mills’ net profits decline marginally by 0.38%
MG News | October 24, 2019 at 11:07 AM GMT+05:00
October 24, 2019 (MLN): Feroze 1888 Mills Limited (FML) has announced its financial results for the quarter ended on September 30th 2019, according to which it has posted its net profits of Rs 743 million (EPS: Rs1.97) ,declined marginally by 0.38% YoY, compared to last year net profit of Rs 746 million (EPS: Rs1.98).
The upsurge in sales revenue by 25.11% YoY was attributable to a significant decline in PKR depreciation which resulted in an increase in final prices of products. Furthermore, new capacities and state of the art machinery helped in sales volume.
The company’s gross profits soared by 50%, from Rs. 1.3 billion to Rs. 2 billion on the back of PKR depreciation against USD.
The bottom-line earnings declined marginally due to the other-income slumped by 50.29% on account of exchange loss and finance cost which increased by two times compared to last year’s finance cost of Rs. 28 million.
Moreover, tax expenses jumped by 87.71% to Rs.91 million.
| Profit and Loss Account for the Quarter Ended September 30th 2019 (Rupees in '000)
| |||
|---|---|---|---|
| Sep-19 | Sep-18 | % Change | |
| Sales-net | 7,650,327 | 6,114,678 | 25.11% |
| Cost of Sales | (5,591,269) | (4,742,868) | 17.89% |
| Gross Profit | 2,059,058 | 1,371,810 | 50.10% |
| Administrative Cost | (294,607) | (258,427) | 14.00% |
| Distributions cost | (519,384) | (388,467) | 33.70% |
| Other expenses | (423,390) | (46,794) | |
| (1,237,381) | (693,688) | 78.38% | |
| 821,677 | 678,122 | 21.17% | |
| Other income | 72,259 | 145,360 | -50.29% |
| Operating Profit | 893,936 | 823,482 | 8.56% |
| Finance cost | (58,998) | (28,215) | |
| Profit before taxation | 834,938 | 795,267 | 4.99% |
| Taxation | (91,022) | (48,491) | 87.71% |
| Net Profit for the year | 743,916 | 746,776 | -0.38% |
| Earnings per share - basic and diluted | 1.97 | 1.98 | -0.51% |
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