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HomeEquityGeneral Tyre registers 83% decline in annual profits

General Tyre registers 83% decline in annual profits

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%

 

Copyright Mettis Link News

Posted on: 2019-08-30T11:05:00+05:00

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