Gatron Industry's bottom-line profits driven up by over Rs.1 billion

By MG News | October 22, 2018 at 09:53 AM GMT+05:00

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October 22, 2018 (MLN): Gatron Industries Limited (GATI) has shown remarkable progress over the year as its consolidated profits for the quarter ended September 30, 2018 grew by Rs.1 billion over the corresponding period of last year, reflecting an outstanding improvement in sales during the period.

According to an official statement on the company’s financial earnings for the period, GATI made 43% higher sales which resulted in gross profits to grow by Rs.473.4 million.

Although the company’s overall expenses increased by 57%, a noteworthy drop of 85% in finance costs, and gains in share of profit after income tax in associated company worth Rs.786.6 million, accounted for a sizeable rise in overall profits as they leapt from Rs.288.7 million to Rs.1.3 billion over the year.

Other than this, GATI’s basic and diluted earnings per share have grown by Rs.27.56 per share as they locked in at Rs.35.08 per share during the period under review.

Consolidated Profit and Loss statement for the quarter ended September 30, 2018 ('000 Rupees)
	Sep-18	Sep-17	% Change
Sales	3,744,119	2,619,580	42.93%
Cost of sales	3,044,562	2,393,393	27.21%
Gross profit	699,557	226,187	209.28%
Distribution and selling costs	48,783	29,670	64.42%
Administrative expenses	52,330	50,870	2.87%
Other operating expenses	45,953	13,114	250.41%
	147,066	93,654	57.03%
Other income	2,584	1,749	47.74%
Operating profit	555,075	134,282	313.37%
Finance costs	1,191	8,221	-85.51%
Share of profit after income tax in associated company	1,000,145	213,567	368.31%
Profit before income tax	1,554,029	339,628	357.57%
Income tax	208,334	50,966	308.77%
Profit after income tax	1,345,695	288,662	366.18%
Earnings per share - basic and diluted (Rupees)	35.08	7.52	366.49%

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