Gul Ahmed incurs losses of Rs 625 million during FY20
MG News | September 28, 2020 at 12:01 PM GMT+05:00
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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