Jauharabad Sugar Mills Limited’s profits dip by 84%
MG News | December 28, 2018 at 04:35 PM GMT+05:00
December 28, 2018 (MLN): Jauharabad Sugar Mills Limited’s profits for the year ended September 30th 2018 have declined by 84% from Rs 31.8 million to Rs 5.1 million as compared to the last year. This decline in profits can be attributed to the substantial decline in topline earnings and rising operating expenses.
Even though, the company witnessed a considerable increase in other income of about Rs 261.5 million but the impact failed to pull up the profits of the company.
Apart from this, the company’s basic and diluted earnings per share were recorded at Rs.0.22 per share, down from Rs.2.76 last year.
The Board of Directors of the company announced a final cash dividend at 10% i.e. Re. 1 per ordinary share.
| Profit and loss account for the year ended September 30th 2018 (Rupees) | |||
|---|---|---|---|
|
| Sep-18 | Sep-17 | % Change |
| Net sales | 2,195,039,714 | 2,581,987,414 | -15% |
| Cost of sales | 2,149,333,504 | 2,281,868,379 | -6% |
| Gross profit | 45,706,210 | 300,119,035 | -85% |
| Operating expenses |
|
|
|
| Distribution cost | 11,264,447 | 9,034,707 | 25% |
| Administrative expense | 127,021,372 | 107,248,842 | 18% |
|
| (138,285,819) | (116,283,549) | 19% |
| Operating profit / (loss) | (92,579,609) | 183,835,486 |
|
| Finance cost | (138,060,940) | (124,441,520) | 11% |
| Other income | 266,607,595 | 5,098,009 | 5130% |
| Profit before taxation | 35,967,046 | 64,491,975 | -44% |
| Taxation | (30,851,289) | (32,636,276) | -5% |
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