High distribution costs force SEARL’s profits to slither by 15%

11:45
October 30, 2018
MG

October 30, 2018 (MLN): The Searle Company Limited (SEARL) profits dived by 15.13%, during the quarter ended September 30^th 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 30^th 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%

Copyright Mettis Link News

Posted on: 2018-10-30T16:45:00+05:00

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2,120	VES	36.41860	36.50910	36.50906	36.41863	08:00 PM
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