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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