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KOHC undergoes losses worth Rs 283 million in 9MFY20

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April 23, 2020 (MLN): Kohat Cement Limited (KOHC) has suffered losses of Rs 283 million (LPS: Rs 1.41) for the nine months ended March 31, 2020, against the net profits of Rs. 2.17 billion (EPS: Rs 10.81) in the same period last year. 

According to the BIPL securities, the company incurred gross losses of Rs 61 million on an account of lower retention price, an increase in fuel and power expenses, and higher depreciation costs and salaries due to the commencement of a new line.

During the period under review, Distribution & selling cost and admin costs dropped by 29% YoY and 6.6% YoY respectively, resulting in lower operating costs by 80% YoY during the period.

The other culprit behind the red bottom line was colossal finance cost which increased by 5.53% YoY to Rs 195 million on account of new planting commissioning. However, a tax reversal of Rs 32 million provided a cushion to its bottom line.

 Profit and Loss Account for the nine months ended March 31, 2020 (Rupees)

 

Mar-20

Mar-19

% Change

Sales – net

 8,573,093,454

 12,241,938,856

-29.97%

Cost of goods sold

 (8,634,838,889)

 (8,810,106,236)

-1.99%

Gross profit/ (loss)

 (61,745,435)

 3,431,832,620

Selling and distribution expenses

 (45,384,733)

 (64,134,301)

-29.23%

Administrative and general expenses

 (179,084,050)

 (191,737,670)

-6.60%

Other operating income

 180,904,273

 251,482,412

-28.06%

Other  expenses

 (14,207,524)

 (292,960,446)

-95.15%

 

 (57,772,034)

 (297,350,005)

-80.57%

Operating profit/ (loss)

 (119,517,469)

 3,134,482,615

Finance cost

 (195,215,075)

 (35,241,311)

453.94%

Profit/ (loss)before taxation

 (314,732,544)

 3,099,241,304

Taxation

 31,416,896

 (927,982,038)

Profit after taxation

 (283,315,648)

 2,171,259,266

Earnings/(loss) per share – basic and diluted (Rupees)

 (1.41)

 10.81

 

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Posted on: 2020-04-23T15:05:00+05:00

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