Ghandhara Industries’ bottom-line income declines by 95%
MG News | October 28, 2019 at 11:09 AM GMT+05:00
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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