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HomeEquityGhandhara Industries’ bottom-line income declines by 95%

Ghandhara Industries’ bottom-line income declines by 95%

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%

 

Copyright Mettis Link News

Posted on: 2019-10-28T11:09:00+05:00

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