Ghandara Industries undergoes losses worth Rs 105 million in 1HFY20

MG News | February 19, 2020 at 04:24 PM GMT+05:00

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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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