Kohinoor Textile Mills suffers losses of Rs 500 mln

MG News | October 24, 2019 at 04:54 PM GMT+05:00

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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 30^th 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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