Gul Ahmed incurs losses of Rs 625 million during FY20

MG News | September 28, 2020 at 12:01 PM GMT+05:00

0:00

September 28, 2020 (MLN): Gul Ahmed Textile Mills has reported losses of Rs. 625.7 million (LPS: 1.46) for the Financial Year 2020, as opposed to the earnings of Rs. 3.6 billion recorded last year.

The decline in profitability was a clear outcome of lower sales, which fell by 5.5% during the year. This led to gross profits decreasing by 24%.

Where no substantial changes were observed in the major expense heads, the other operating expense showed a decline of 15.3%. On the other hand, the non-core income plummeted by 68.5%, further straining the financial position of the company.

There was also a 36.7% increase in the finance cost owing to higher interest rates and short-term borrowings by the company.

Consolidated Financial Results for the year ended June 30, 2020 (Rupees'000)
	Jun-20	Jun-19	% Change
Sales - net	55,932,658	59,189,652	-5.5%
Cost of sales	(46,262,397)	(46,431,611)	-0.4%
Gross Profit	9,670,261	12,758,041	-24.2%
Distribution cost	(4,680,482)	(4,889,571)	-4.3%
Administrative expenses	(3,261,931)	(3,191,519)	2.2%
Other operating cost	(264,192)	(311,783)	-15.3%
Other income	367,679	1,167,995	-68.5%
Finance cost	(2,054,273)	(1,502,649)	36.7%
(Loss)/profit before taxation	(222,938)	4,030,514
Taxation	(402,824)	(400,282)	0.6%
(Loss)/profit after taxation	(625,762)	3,630,232
(Loss)/earnings per share	-1.46	8.49

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