Ghandhara Nissan's nine month earnings topple over by 68%
MG News | April 22, 2019 at 10:52 AM GMT+05:00
April 22, 2019 (MLN): Ghandhara Industries Limited (GHNI) has announced its 9 month net profit at Rs.394.9 million (EPS: Rs.9.27) as of March 31, 2019, thus marking a 68.7% decline as compared to same period last year (Rs.1.3 billion, EPS: Rs.29.63).
GHNI’s net earnings during the quarter alone was Rs.11.7 million (EPS: Rs.0.28) as compared to Rs.354.2 million (EPS: Rs.8.31) recorded last year, which implies that that the cumulative result is a major reflection of last quarter’s performance.
The cumulative decline comes about as a result of 7% contraction in sales which stand at Rs.10.7 billion against Rs.11.6 billion recorded last year.
Combined with higher cost of sales, the gross profit (Rs.1.4 billion) diminished by 41.8%.
Moreover, the net operational income dropped while finance costs soared, so that a despite a tax reversal of Rs.22.4 million, the company ended up losing out on the whole.
| Financial Results for the nine months ended March 31, 2019 ('000 Rupees) | |||
|---|---|---|---|
|
| Mar-19 | Mar-18 | % Change |
| Sales | 10,742,910 | 11,565,648 | -7.11% |
| Cost of Sales | (9,337,328) | (9,152,782) | 2.02% |
| Gross profit | 1,405,582 | 2,412,866 | -41.75% |
| Distribution expenses | (382,960) | (373,386) | 2.56% |
| Administrative expenses | (207,933) | (163,773) | 26.96% |
| Other expenses | (21,487) | (132,411) | -83.77% |
| Other income | 85,887 | 125,767 | -31.71% |
| Profit from operations | 879,089 | 1,869,063 | -52.97% |
| Finance cost | (506,611) | (118,980) | 325.80% |
| (Loss)/profit before taxation | 372,478 | 1,750,083 | -78.72% |
| Taxation | 22,374 | (487,685) |
|
| Profit after taxation | 394,852 | 1,262,398 | -68.72% |
| Earnings per share - basic and diluted (Rupees) | 9.27 | 29.63 | -68.71% |
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