KOHC undergoes losses worth Rs 283 million in 9MFY20

MG News | April 23, 2020 at 03:05 PM GMT+05:00

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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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