Feroze1888 Mills' profits decline by 51% during FY20 owing to higher expenses
MG News | September 14, 2020 at 03:07 PM GMT+05:00
September 14, 2020 (MLN): Feroze1888 Mills Limited has earned a profit of Rs. 2.94 billion (EPS: 7.8) during the year ended June 30, 2020, i.e. almost 51% lower than the amount earned in the previous year.
The Board of Directors of the company also recommended a final cash dividend for the year at Rs. 0.59 per share i.e. 5.9%. This is in addition to interim dividend already paid at Rs. 1.75 per share i.e. 17.5%.
According to the company’s financial results, the revenue grew by 6.3%, whereas the cost of sales increased by 9.7%, causing the gross profit to decline by 3.1%.
The company also experienced a 12.3% and 11.1% rise in its distribution and administrative expenses, respectively. Other setbacks came in the form of an 87.2% increase in other expenses and 89.3% decline in non-core income.
On top of that, the company suffered a 1.22x increase in its finance cost and around 50% increase in income tax expense, thus, leading to such a substantial decrease in yearly profits.
| Financial Results for the year ended June 30, 2020 (Rupees’000) | |||
|---|---|---|---|
| Jun-20 | Jun-19 | % Change | |
| Sales | 31,205,677 | 29,348,438 | 6.3% |
| Cost of sales | (23,698,998) | (21,600,408) | 9.7% |
| Gross profit | 7,506,679 | 7,748,030 | -3.1% |
| Distribution expense | (2,276,372) | (2,026,890) | 12.3% |
| Administrative expenses | (1,150,779) | (1,035,928) | 11.1% |
| Other expenses | (667,832) | (356,736) | 87.2% |
| Other income | 218,888 | 2,048,510 | -89.3% |
| Finance cost | (346,959) | (155,892) | 122.6% |
| Profit before taxation | 3,283,625 | 6,221,094 | -47.2% |
| Taxation | (346,404) | (231,284) | 49.8% |
| Profit after taxation | 2,937,221 | 5,989,810 | -51.0% |
| Earnings per share | 7.8 | 15.9 | -50.9% |
Copyright Mettis Link News
Related News
| Name | Price/Vol | %Chg/NChg |
|---|---|---|
| KSE100 | 157,870.50 291.16M | -2.27% -3667.90 |
| ALLSHR | 96,108.46 834.58M | -2.09% -2049.19 |
| KSE30 | 47,843.07 156.10M | -2.30% -1124.44 |
| KMI30 | 226,708.22 102.12M | -2.89% -6752.01 |
| KMIALLSHR | 62,521.18 318.78M | -2.48% -1591.23 |
| BKTi | 43,911.55 60.01M | -1.60% -715.15 |
| OGTi | 30,337.99 14.25M | -3.22% -1009.62 |
| Symbol | Bid/Ask | High/Low |
|---|
| Name | Last | High/Low | Chg/%Chg |
|---|---|---|---|
| BITCOIN FUTURES | 103,205.00 | 103,375.00 103,000.00 | 250.00 0.24% |
| BRENT CRUDE | 65.09 | 65.31 63.60 | 1.03 1.61% |
| RICHARDS BAY COAL MONTHLY | 85.25 | 85.75 85.25 | -0.75 -0.87% |
| ROTTERDAM COAL MONTHLY | 95.90 | 96.25 95.50 | -0.10 -0.10% |
| USD RBD PALM OLEIN | 1,082.50 | 1,082.50 1,082.50 | 0.00 0.00% |
| CRUDE OIL - WTI | 61.03 | 61.05 60.97 | -0.01 -0.02% |
| SUGAR #11 WORLD | 14.28 | 14.48 14.17 | 0.08 0.56% |
Chart of the Day
Latest News
Top 5 things to watch in this week
Pakistan Stock Movers
| Name | Last | Chg/%Chg |
|---|
| Name | Last | Chg/%Chg |
|---|