Ghandhara Industries incurs losses of Rs 1.28 billion in FY20
MG News | September 30, 2020 at 05:09 PM GMT+05:00
September 30, 2020 (MLN): Ghandhara Industries Limited has announced its financial results for the year ended June 30, 2020, which show a Loss after tax of Rs. 1.28 billion (LPS: 30.11) as opposed to profit of Rs. 60.09 million (EPS: 1.41) recorded last year.
The jeer-worthy performance was a result of lower gross income, which in turn resulted from a 15% decline in sales. A 53.4% decline in the non-core income added fuel to the bulging fire.
The biggest setback came in the form of a 2.43x increase in income tax expense, which translates into a difference of almost Rs. 191.6 million.
The Distribution expense declined by around 8%, whereas Administrative expense surged by merely 1.7%.
| Consolidated Financial Results for the year ended June 30, 2020 (Rupees'000) | |||
|---|---|---|---|
| Jun-20 | Jun-19 | % Change | |
| Sales | 11,788,254 | 13,909,913 | -15.3% |
| Cost of sales | (11,095,490) | (12,308,321) | -9.9% |
| Gross profit | 692,764 | 1,601,592 | -56.7% |
| Distribution cost | (493,750) | (534,954) | -7.7% |
| Administrative expenses | (272,581) | (267,907) | 1.7% |
| Other operating cost | (22,882) | (26,398) | -13.3% |
| Other income | 54,656 | 117,383 | -53.4% |
| Finance cost | (970,416) | (750,662) | 29.3% |
| (Loss)/profit before taxation | (1,012,209) | 139,054 | |
| Taxation | (270,626) | (78,961) | 242.7% |
| (Loss)/profit after taxation | (1,282,835) | 60,093 | |
| (Loss)/earnings per share | -30.11 | 1.41 |
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