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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