Hi-Tech Lubricants records a double increase in profits during FY20
MG News | September 14, 2020 at 12:38 PM GMT+05:00
September 14, 2020 (MLN): Hi-Tech Lubricants Limited has earned a profit of Rs. 121.6 million (EPS: 1.05) during the year ended June 30, 2020, i.e. almost double the amount it earned in the previous year.
The Board of Directors of the company also recommended a final cash dividend for the year at Rs. 0.9 per share i.e. 9%.
According to the company’s financial results, the net revenue declined by 40% despite a fall of 47.65% in discounts and 15.3% in sales tax. However, a fall of almost 43% in the cost of sales helped in negating the impact of lower sales on the gross profit.
While there was an increase in the administrative expenses by 48.3%, the company went on to benefit from a decline in distribution expense by 13%, non-core expense by 68.6%, and an increase in other income by 60%.
Furthermore, the decline in finance cost by 25% as well as the presence of tax credit helped in boosting the bottom-line income of the company.
| Consolidated Financial Results for the year ended June 30, 2020 (Rupees) | |||
|---|---|---|---|
| Jun-20 | Jun-19 | % Change | |
| Gross revenue | 8,141,926,516 | 12,593,547,639 | -35.3% |
| Discounts | (270,429,986) | (515,680,161) | -47.6% |
| Sales tax | (2,242,837,824) | (2,646,705,003) | -15.3% |
| Net revenue | 5,628,658,706 | 9,431,162,475 | -40.3% |
| Cost of sales | (4,213,549,915) | (7,362,276,954) | -42.8% |
| Gross profit | 1,415,108,791 | 2,068,885,521 | -31.6% |
| Distribution expense | (737,927,997) | (846,161,758) | -12.8% |
| Administrative expenses | (435,793,758) | (497,432,186) | 48.3% |
| Other expenses | (60,453,117) | (192,356,087) | -68.6% |
| Other income | 130,431,823 | 81,540,776 | 60.0% |
| Finance cost | (235,639,942) | (313,959,399) | -24.9% |
| Profit before taxation | 75,725,800 | 300,516,867 | -74.8% |
| Taxation | 45,890,877 | (259,447,192) | |
| Profit after taxation | 121,616,677 | 41,069,675 | 196.1% |
| Earnings per share | 1.05 | 0.35 | 200.0% |
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