Ittefaq Iron Industries profit rises to Rupees 133.708 million
By MG News | February 27, 2018 at 02:33 PM GMT+05:00
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.
| 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.
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