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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