Interloop's net profitability declines by 43%
By MG News | October 28, 2019 at 11:15 AM GMT+05:00
October 28, 2019 (MLN): Interloop Limited (ILP), the largest hosiery producer in Pakistan has posted 43.5% decline in its net profits after tax to Rs 491 million for the quarter ended on September 30th 2019. In the corresponding period last year, the company reported net profits of Rs 869.8 million.
The decline in profitability primarily came on the back of higher cost of sales, as it mounted by 17.4% during the quarter which declined the gross profitability of the company by 15% YOY. The gross margins also contracted by 6 ppts from 28% to 22%.
The decline in earnings was also attributable to a significant escalation in losses from associate firms and rise in admin expenses.
Although the company witnessed a decline in finance cost and tax expenses by around 18%, the impact was not enough to lift ILP’s profitability.
As per the financial statement issued by the company, the earning per share of the company exhibited a decline of 51% from Rs 1.14 per share to Rs 0.56 per share.
| Financial Results for the quarter ended September 30th 2019 ('000 Rupees) | |||
|---|---|---|---|
|
| Sep-19 | Sep-18 | % Change |
| Net Sales | 9,429,707 | 8,713,686 | 8.22% |
| Cost of Sales | (7,328,987) | (6,240,350) | 17.45% |
| Gross profit | 2,100,720 | 2,473,336 | -15.07% |
| Distribution Cost | (736,190) | (739,794) | -0.49% |
| Administrative expenses | (542,278) | (487,640) | 11.20% |
| Other operating expenses | (53,856) | (62,032) | -13.18% |
| Other income | 4,644 | 69 | 6630.43% |
| Profit from operations | 773,040 | 1,183,939 | -34.71% |
| Finance Cost | (176,811) | (215,823) | -18.08% |
| Gain from changes in fair value less costs to sell of biological assets | - | - | - |
| Share of loss from associate | (33,429) | (10,741) | 211.23% |
| Profit before Taxation | 562,800 | 957,375 | -41.21% |
| Taxation | (71,725) | (87,531) | -18.06% |
| Profit after taxation for the year | 491,075 | 869,844 | -43.54% |
| Earnings per share - basic | 0.56 | 1.14 | -50.96% |
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