Ghandhara Industries’ bottom-line income declines by 95%

MG News | October 28, 2019 at 11:09 AM GMT+05:00

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October 28, 2019 (MLN): Ghandhara Industries Limited (GHNI) has posted earnings of Rs. 13.7 million (EPS: Rs. 0.32) for the first quarter of current Fiscal Year, which translates into a decline of 95.5% as compared to the earnings of same period last year.

The company’s topline income fell by 30.92% on account of decline in volumetric sales. Nonetheless, the cost of sales also fell by a similar margin, which resulted in gross profits falling by 34.6%.

The increase in finance costs by 138% had put the company on the verge of incurring losses, but the tax rebate of Rs. 32.9 million during the aforesaid period saved the company from doing so.

Financial Results for the quarter ended September 30, 2019 ('000 Rupees)
	Sep-19	Sep-18	% Change
Sales	3,028,512	4,383,842	-30.92%
Cost of Sales	(2,621,534)	(3,761,040)	-30.30%
Gross profit	406,978	622,802	-34.65%
Distribution expenses	(148,130)	(136,430)	8.58%
Administrative expenses	(64,517)	(63,271)	1.97%
Other expenses	(473)	(19,509)	-97.58%
Other income	8,384	3,132	167.69%
Profit from operations	202,242	406,724	-50.28%
Finance cost	(221,500)	(92,883)	138.47%
(Loss)/profit before taxation	(19,258)	313,841
Taxation	32,988	(10,118)
Profit after taxation	13,730	303,723	-95.48%
Earnings per share - basic and diluted (Rupees)	0.32	7.13	-95.51%

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