Ittefaq Iron Industries today released financial statements for the half year ending December, 31st 2017. The company reported sales worth Rupees 3.130 billion whereas reporting a total of 133.708 million worth of profits for the period.
The company during the period reported a 57.44% rise in Distribution Costs, however, also reporting a 57% increase in Administrative Expenses.
The Ittefaq Iron reported profit after taxation at Rupees 133.708 million increasing by more than 85 percent during the period.
The management reported earnings per share of Rupees 1.02 per share against last year’s tally of Rupees 1.55 per share.
Comparison of Key Financials
Unconsolidated Profit and Loss Account – For the Half Year Ended, December 30th 2017
Key Financials
2017
2016
% Change
Amounts in PKR
Net Revenue
3,130,818,925
1,964,386,420
59.38%
Cost of Sales
2,855,844,402
1,789,385,441
59.60%
Gross Profit
274,974,523
175,000,797
57.13%
Distribution Costs
8,869,768
5,633,819
57.44%
Administrative Expenses
34,231,917
21,811,973
56.94%
Operating Profit
231,872,838
147,555,187
57.14%
Other Income
6,620,644
4,418,053
49.85%
Finance Costs
56,854,300
50,603,248
12.35%
Profit before Taxation
169,106,079
94,375,462
79.18%
Taxation
35,397,120
22,199,345
59.45%
Profit/(Loss) after Taxation
133,708,959
72,176,117
85.25%
EPS
1.02
1.55
-34.19%
Company release on Earnings Report can be accessed here.