Kohinoor Textile Mills suffers losses of Rs 500 mln
MG News | October 24, 2019 at 04:54 PM GMT+05:00
October 24, 2019 (MLN): The 3QFY20 has appeared as miserable for Kohinoor Textile Mills (KTLM) as it reported net losses of Rs 500 million for the quarter ended September 30th 2019, against the profits of Rs 1 billion in the same period last year.
As per the financial statement of the company, the loss per share (LPS) reported at Rs 0.58 per share.
The losses were recorded mainly due to 38.7% increase in cost of sales which declined gross profits by 51.9%. The gross margins also declined significantly by 13 percent points from 22% to 9%.
Further injury was drawn from a colossal rise in finance cost of the company due to higher benchmark interest rates and upsurge in the company’s core expenses such as Distribution cost jumped by 11.5%, Admin expenses mounted by 10% and other expenses by 45.5%.
|
Consolidated Financial Results for the quarter Ended September 30th 2019 ('000 Rupees) | |||
|---|---|---|---|
|
| Sep-19 | Sep-18 | % Change |
| Revenue | 12,520,079 | 10,562,235 | 18.5% |
| Cost of sales | (11,390,785) | (8,214,276) | 38.7% |
| Gross profit | 1,129,294 | 2,347,959 | -51.9% |
| Distribution cost | (356,356) | (319,568) | 11.5% |
| Administrative expenses | (379,057) | (344,423) | 10.1% |
| Other expenses | (161,334) | (110,885) | 45.5% |
|
| (896,747) | (774,876) | 15.7% |
|
| 232,547 | 1,573,083 | -85.2% |
| Other income | 223,236 | 142,929 | 56.2% |
| Profit from operations | 455,783 | 1,716,012 | -73.4% |
| Finance cost | (901,472) | (417,940) | 115.7% |
| Profit before taxation | (445,689) | 1,298,072 |
|
| Taxation | (54,324) | (241,322) | -77.5% |
| Profit after taxation | (500,013) | 1,056,750 |
|
| Earnings per share - Basic and Diluted (Rupees) | (0.29) | 2.53 |
|
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