Ghandara Industries undergoes losses worth Rs 105 million in 1HFY20
MG News | February 19, 2020 at 04:24 PM GMT+05:00
February 19, 2020 (MLN): Ghandara Industries Limited (GHNI) has announced its financial results for the half-year ended on December 31, 2019. As per the results, the company has incurred losses worth Rs 105 million (LPS: Rs 2.47) compared to last year net profits of Rs 383 million (EPS: Rs 8.99).
During the period, the cost of sales decreased by 21.27% YoY but more than a proportionate decrease in revenue (down by 22.29% YoY) caused gross profits to decrease by around 29% YoY to Rs 752 million.
The company’s distribution and administrative expenses went up by 1.20% YoY and 3% YoY respectively. However, other expenses plunged by 80% YoY to Rs 4.3 million.
More notably, the colossal increase in finance cost by 91.45% YoY, from Rs 254 million to Rs 488 million dented the company’s performance owing to higher interest rate and running finance requirement.
| Financial Results for the half-year ended December 31, 2019 ('000 Rupees) | |||
|---|---|---|---|
|
| Dec-19 | Dec-18 | % Change |
| Sales | 5,880,616 | 7,567,541 | -22.29% |
| Cost of Sales | (5,127,861) | (6,513,209) | -21.27% |
| Gross profit | 752,755 | 1,054,332 | -28.60% |
| Distribution cost | (279,010) | (275,689) | 1.20% |
| Administrative expenses | (146,494) | (142,301) | 2.95% |
| Other expenses | (4,371) | (22,265) | -80.37% |
| Other income | 20,878 | 24,988 | -16.45% |
| Profit (loss) from operations | 343,758 | 639,065 | -46.21% |
| Finance cost | (488,048) | (254,916) | 91.45% |
| (Loss)/profit before taxation | (144,290) | 384,149 | - |
| Taxation | 39,238 | (1,010) | - |
| (Loss)/Profit after taxation | (105,052) | 383,139 | - |
| basic and diluted (loss)/earning per share(Rupees) | (2.47) | 8.99 | - |
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