High distribution costs force SEARL's profits to slither by 15%
MG News | October 30, 2018 at 04:45 PM GMT+05:00
October 30, 2018 (MLN): The Searle Company Limited (SEARL) profits dived by 15.13%, during the quarter ended September 30th 2018 on account of enhanced Operating and Finance costs.
According to the financial earnings’ report issued to the PSX, the company earned 9.74% higher revenue as compared to the corresponding period last year. As a result, the gross profits soared by 7.75%.
However, a significant increase in the company’s operating expenses including distribution cost (21.71%) and administrative expense (21.14%) along with increase I Finance cost by a whopping (167.21%) dragged down the company’s profit by an amount of Rs. 121 million.
Searle’s basic and diluted earnings per share have been reported at Rs.3.66 per share for the quarter ended 30th September 2018.
| Profit and loss account for the quarter ended September 30th 2018 (Rupees’000) | |||
|---|---|---|---|
|
| Sep-18 | Sep-17 | % Change |
| Revenue | 4,380,366 | 3,991,673 | 9.74% |
| Cost of sales | -2,257,030 | -2,021,019 | 11.68% |
| Gross profit | 2,123,336 | 1,970,654 | 7.75% |
| Distribution cost | -921,718 | -757,280 | 21.71% |
| Administrative expenses | -280,478 | -231,528 | 21.14% |
| Other operating expenses | -49,833 | -48,874 | 1.96% |
| Other income | 39,287 | 38,519 | 1.99% |
| Profit from operations | 910,594 | 971,491 | -6.27% |
| Finance cost | -99,442 | -37,215 | 167.21% |
| Profit before income tax | 811,152 | 934,276 | -13.18% |
| Income tax expense | -130,378 | -132,156 | -1.35% |
| Profit for the period | 680,774 | 802,120 | -15.13% |
| Basic and diluted earnings per share (Rupees) | 3.66 | 4.30 | -14.88% |
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