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% |
Copyright Mettis Link News
23878
