General Tyre registers 83% decline in annual profits
By MG News | August 30, 2019 at 11:05 AM GMT+05:00
August 30, 2019 (MLN): General Tyre and Rubber Company of Pakistan Limited, one of the popular tyre brands in the local industry reported its net profits decline massively by 83% to Rs 122.8 million with Earning per share locked in at Rs 1.21 for the year ended on June 30th 2019.
The decline in company’s profitability largely came from 11% decline in topline earnings to Rs 10.4 billion from Rs 11.8 billion reported in last year.
Moreover, company also witnessed an increase in finance cost due to the rise in interest rates during the period which further dragged company’s profitability down.
Alongside financial results, the Board of directors of the company recommended to issue a bonus shares in the proportion of 1 share for every 5 ordinary shares held i.e. 20%
| Financial Results for the year ended June 30th 2019 (Rupees in '000) | |||
|---|---|---|---|
|
| Jun-19 | Jun-18 | % change |
| Sales-net | 10,486,282 | 11,785,457 | -11% |
| Cost of sales | -8,896,798 | -9,699,779 | -8% |
| Gross profit | 1,589,484 | 2,085,678 | -24% |
| Administrative expenses | -296,870 | -322,390 | -8% |
| Distribution expenses | -395,422 | -497,851 | -21% |
| Other income | 69,939 | 74,141 | -6% |
| Other expenses | -130,761 | -149,511 | -13% |
| Profit from Operations | 836,370 | 1,190,067 | -30% |
| Finance Cost | -585,032 | -256,782 | 128% |
|
| 251,338 | 933,285 | -73% |
| Share of profit of an associated company | 2,299 | 6,760 | -66% |
| Profit before taxation | 253,637 | 940,045 | -73% |
| Taxation | -130,761 | -224,494 | -42% |
| Profit after taxation | 122,876 | 715,551 | -83% |
| Earnings per share-basic and diluted | 1.21 | 7.04 | -83% |
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