ICI withstands 33% decline in profits as overall costs increase

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MG News | October 25, 2018 at 05:01 PM GMT+05:00

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October 25, 2018 (MLN): ICI Pakistan Limited’s (ICI) profits for the quarter ended 30th September 2018 have dropped by 33.88%, due to combined effect of increase in Cost of sales, Operating expenses and Finance costs.  

According to the notification issued to PSX, the top-line earnings for the company increased by 16.76%, whose impact was almost immediately annulled by an almost equal absolute increase in Cost of sales, leading to the gross profits of the company increasing by merely 7.58%.

The Selling & Distribution expenses and Administration & General expenses of the company reported an increase of 14.67% and 22.53% respectively, as compared to the corresponding period last year.

Similarly, the increase in Finance costs by a massive 190.08% i.e. Rs. 209 million struck the wrong chords of the financial position of the company.

Contrary to this, the taxes of the company fell considerably by 86.79% i.e. Rs. 1.5 billion, curbing some of the damage caused by other factors.

The Earnings per share of the company were stated at Rs. 5.83 for the quarter ended 30th September 2018, 34.42% down from the previous year.

Profit and loss account for the quarter ended September 30th 2018 (Rupees'000)

 

Sep-18

Sep-17

% Change

Net turnover

13,299,247

11,389,993

16.76%

Cost of sales

-11,090,356

-9,336,794

18.78%

Gross profit

2,208,891

2,053,199

7.58%

Selling and distribution expenses

-815,029

-710,761

14.67%

Administration and general expenses

-361,401

-294,942

22.53%

Finance costs

-318,956

-109,956

190.08%

Exchange loss

-11,900

-31,352

-62.04%

Workers' profit participation fund

-48,501

-50,208

-3.40%

Workers' welfare fund

-17,773

-11,893

49.44%

Other charges

-18,143

-11,011

64.77%

Other income

43,049

29,399

46.43%

Share of profit from associate

124,526

143,759

-13.38%

Profit before taxation

784,763

1,006,234

-22.01%

Taxation

-239,229

-1811140

-86.79%

Profit after taxation

545,534

825,094

-33.88%

Basic and diluted earnings per share

5.83

8.89

-34.42%

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