Increased net sales pull up Systems Ltd's half yearly profits by 63%

MG News | August 28, 2018 at 11:17 AM GMT+05:00

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Systems Limited reported a commendable increase of 63% in half yearly profits on year-on-year basis, mainly due to top line increment and additions in non-core income.

During the company’s Board of Directors meeting held on August 27^th 2018, the board reviewed its financial earnings for the half year ended on June 30^th 2018.

As compared to the half year period ended on June 30^th 2017, Systems’ net revenue grew by 38% while gross profits rose by 31%.

Although administrative expenses registered an increase of 44%, other income grew simultaneously, cancelling out the negative effect to some extent.

Overall profits for the period increased from Rs.277.6 million to Rs.453 million, while earnings per share are reported to be at Rs.8.20 per share.

Profit and Loss account for the half year ended June 30th 2018 (Rupees)
	Jun-18	Jun-17	% Change
Revenue - net	2,331,108,188	1,682,399,849	38.56%
Cost of sales	1,679,069,483	1,185,271,966	41.66%
Gross profit	652,038,705	497,127,883	31.16%
Distribution cost	65,146,617	42,681,500	52.63%
Administrative expenses	232,527,168	161,231,212	44.22%
Operating profit	354,364,920	293,215,171	20.85%
Other income	162,471,614	30,021,069	441.19%
Other operating expenses	46,162,700	37,074,557	24.51%
Finance costs	8,087,125	2,835,021	185.26%
Profit before taxation	462,586,709	283,326,662	63.27%
Taxation	9,541,840	5,722,298	66.75%
Profit after taxation	453,044,869	277,604,364	63.20%
Earnings per share - basic and diluted	8.20	5.06	62.06%

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