Ferozsons succesfully turns its losses into profits
MG News | September 23, 2019 at 01:03 PM GMT+05:00
September 23, 2019 (MLN): Ferozsons Laboratories Limited (FEROZ) announced its financial performance for the year ended on June 30th 2019, as per which the company posted net profits of Rs 187 million (EPS: Rs 6.65) against the loss of Rs 17 million suffered last year.
The main driving force behind the company’s earnings was a significant rise in other income by 52% which amplified profits from operations to Rs 363 million from Rs 97.5 million.
Although, the company witnessed an increase in its major expense heads, as its admin expenses, selling expenses and other costs surged by 13.6%, 16.6% and 169% respectively, the company managed to earn profits mainly on the back of higher topline earnings and other income.
Alongside financial results, the board of directors of the company announced a final Cash Dividend for the aforesaid period at Rs. 4.00 per share i.e. 40%. This is in addition to Interim Dividend already paid at Rs. 2.00 per share i.e. 20%.
| Profit and Loss Account for the year ended June 30th 2019 (Rupees) | |||
|---|---|---|---|
|
| Jun-19 | Jun-18 | % Change |
| Sales | 5,802,855,865 | 5,002,680,003 | 15.99% |
| Cost of Sales | (3,761,902,459) | (3,483,750,342) | 7.98% |
| Gross Profit | 2,040,953,406 | 1,518,929,661 | 34.37% |
| Administrative Expenses | (393,604,529) | (346,745,044) | 13.51% |
| Selling and distribution expenses | (1,353,585,894) | (1,161,081,590) | 16.58% |
| Other Expenses | (142,957,501) | (53,114,850) | 169.15% |
| Other Income | 212,019,398 | 139,585,855 | 51.89% |
| Profit from Operations | 362,824,880 | 97,574,032 | 271.85% |
| Finance Cost | (24,760,408) | (12,001,704) | 106.31% |
| Profit before Taxation | 338,064,472 | 85,572,328 | 295.06% |
| Taxation | (150,069,156) | (102,583,964) | 46.29% |
| Profit for the Period | 187,995,316 | (17,011,636) |
|
| Earnings per share - Basic and Diluted | 6.65 | 0.23 |
|
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