Ghandhara Industries' bottom-line gains decline substantially
MG News | October 24, 2018 at 05:49 PM GMT+05:00
October 24, 2018 (MLN): Gandhara Industries Limited has recorded a decline 33.66% in its post-tax profits for the nine months period ended 30th September 2018. The reasons attributed to the drop in profits included considerable increase in cost of sales.
As per the financial results of the company, the cost of sales augmented by 20.17%, whereas the administrative and distribution expenses rose by 76.86% and 47.93% respectively, the combined effect of which further worsened the profitability of the company.
Although, company enjoyed a large decline in taxes of about 95.5%, but its impact failed to pull company’s profit up.
The earnings per share of the company exhibited a decline of 33.64%.
| Financial Results for the Nine months ended September 30th 2018 ('000 Rupees) | |||
|---|---|---|---|
| Sep-18 | Sep-17 | % Change | |
| Revenue | 4,383,842 | 4,001,102 | 9.57% |
| Cost of Sales | (3,761,040) | (3,129,702) | 20.17% |
| Gross profit | 622,802 | 871,400 | -28.53% |
| Distribution expenses | (136,430) | (92,228) | 47.93% |
| Administrative expenses | (63,211) | (35,740) | 76.86% |
| Other expenses | (19,509) | (51,067) | -61.80% |
| Other income | 3,132 | 2,426 | 29.10% |
| Profit from operations | 406,784 | 694,791 | -41.45% |
| Finance cost | (92,971) | (11,661) | 697.28% |
| Profit before taxation | 313,813 | 683,130 | -54.06% |
| Taxation | (10,110) | (225,303) | -95.51% |
| Profit after taxation | 303,703 | 457,827 | -33.66% |
| Other comprehensive loss for the year-net of tax | - | - | |
| Total comprehensive income | 303,703 | 457,827 | -33.66% |
| Earnings per share - basic and diluted (Rupees) | 14.26 | 21.49 | -33.64% |
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