Higher top-line earnings lift Fatima Fertilizer's profits by 21%
MG News | April 23, 2019 at 05:33 PM GMT+05:00
April 23, 2019 (MLN): Fertilizer Fertilizers Limited has posted Profit after Tax of Rs. 3.08 billion (EPS: Rs. 1.47) for the quarter ended March 31, 2019, as against PAT of Rs. 2.5 billion in the corresponding period of last year, indicating an improvement of 21.23%.
The uptick in bottom-line earnings was a result of progress in sales revenue by 35%, which in turn was an outcome of improved volumes in CAN & Urea. Furthermore, higher selling price of fertilizers also contributed considerably in lifting the topline earnings of the company.
However, the Finance cost of the company swelled by 59.71% due to recent hike in interest rates, as well as surge in working capital requirements. The increase in non-core expenses by 64% was just another addition to the misery.
Moreover, the company earned additional income in the form of profit from associated companies, which amounted to Rs. 4.6 million.
| Profit and loss account for the quarter ended March 31 2019 (Rupees'000) | |||
|---|---|---|---|
| Mar-19 | Mar-18 | % Change | |
| Sales | 15,659,315 | 11,599,311 | 35.00% |
| Cost of sales | -8,345,607 | -5,015,152 | 66.41% |
| Gross profit | 7,313,708 | 6,584,159 | 11.08% |
| Distribution cost | -1,282,639 | -1,343,261 | -4.51% |
| Administrative expenses | -609,379 | -677,137 | -10.01% |
| Finance cost | -661,348 | -414,100 | 59.71% |
| Other operating expenses | -588,280 | -357,380 | 64.61% |
| Other income | 208,572 | 98,082 | 112.65% |
| Share of profit from associated company | 4,653 | - | |
| Profit before tax | 4,385,287 | 3,890,363 | 12.72% |
| Taxation | -1,298,226 | -1,343,916 | -3.40% |
| Profit for the period | 3,087,061 | 2,546,447 | 21.23% |
| Earnings per share- basic and diluted (Rupees) | 1.47 | 1.21 | 21.49% |
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