April 21, 2020 (MLN): Interloop Limited has announced its financial results for the nine months ended March 31, 2020. According to the results, the company has posted its net profits of Rs 1.66 billion i.e. nearly 49% lower than its net profits of Rs 3.24 billion of the same period last year.
This has translated into earning per share which clocked in at Rs 1.91 against Rs 4.25 in the aforementioned period.
As per the financial statement issued by the company to PSX, Interloop’s topline earnings jumped by 13.58% YoY but more than a proportionate increase in the cost of sales made the gross profits decline by 14.65% YoY. Therefore, the gross margin shrunk from 30% to 23%.
On the expense side, the company witnessed an increase in its major expense heads as administrative expenses went up by 25.75% YoY from Rs. 1.46 billion to Rs. 1.84 billion. It also bore an increase in other operating costs by around 70% to stand at Rs 547 million.
More notably, the share of loss from associated companies surged by 2.66 times YoY to clock at Rs 97 million. However, other income increased by 26.55 times YoY owing to an increase in income from financial assets.
Meanwhile, the finance cost rose by 7% YoY to clock in at Rs 899 million owing to the higher rate of interest.
Financial Results for the nine months ended March 31st, 2020 ('000 Rupees) | |||
|---|---|---|---|
| Mar-20 | Mar-19 | % Change |
Net Sales | 30,353,344 | 26,723,863 | 13.58% |
Cost of Sales | (23,482,014) | (18,672,661) | 25.76% |
Gross profit | 6,871,330 | 8,051,202 | -14.65% |
Distribution Cost | (1,685,301) | (1,979,797) | -14.88% |
Administrative expenses | (1,844,188) | (1,466,550) | 25.75% |
Other operating expenses | (547,567) | (322,844) | 69.61% |
Other income | 100,761 | 3,795 | 2555.10% |
Profit from operations | 2,895,035 | 4,285,806 | -32.45% |
Finance Cost | (899,878) | (839,835) | 7.15% |
Share of loss from associate | (97,226) | (36,497) | 166.39% |
Profit before Taxation | 1,897,931 | 3,409,474 | -44.33% |
Taxation | (233,433) | (169,071) | 38.07% |
Profit after taxation for the period | 1,664,498 | 3,240,403 | -48.63% |
Earnings per share – basic | 1.91 | 4.25 | -55.10% |
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