Ghandhara Industries incurs losses of Rs 1.28 billion in FY20

MG News | September 30, 2020 at 05:09 PM GMT+05:00

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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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