Kohinoor Textile's profits plummet by 25% as cost of sales soar
MG News | October 25, 2018 at 11:32 AM GMT+05:00
October 24, 2018 (MLN): Kohinoor Textile Mills reported a decline of 25.2% in its profits for the quarter ended 30th September 2018 due to augmentation in cost of sales of about 9.8% (Rs.714 million) as compared to the corresponding period last year.
According to the financial results announced by the company, administrative cost increased by 15.7%, distribution cost increased by 33.5% and finance cost surged by 99.6%, which contributed to further decline in company’s profitability.
Although, the company reported a decline in other expenses of about 21% and taxes of about 54% but its impact failed to lift the profits of the company upward.
The Earnings per share of the company exhibited a decline of around 18.9% from Rs 3.12 per share to Rs 2.53 per share.
| Consolidated Financial Results for the Quarter Ended September 30th 2018 ('000 Rupees) | |||
|---|---|---|---|
|
| Sep-18 | Sep-17 | % Change |
| Revenue | 10,562,235 | 10,111,971 | 4.5% |
| Cost of sales | (8,027,859) | (7,313,668) | 9.8% |
| Gross profit | 2,534,376 | 2,798,303 | -9.4% |
| Distribution cost | (505,985) | (379,147) | 33.5% |
| Administrative expenses | (344,423) | (297,683) | 15.7% |
| Other expenses | (110,885) | (140,546) | -21.1% |
|
| (961,293) | (817,376) | 17.6% |
|
| 1,573,083 | 1,980,927 | -20.6% |
| Other income | 142,929 | 166,118 | -14.0% |
| Profit from operations | 1,716,012 | 2,147,045 | -20.1% |
| Finance cost | (417,940) | (209,347) | 99.6% |
| Profit before taxation | 1,298,072 | 1,937,698 | -33.0% |
| Taxation | (241,322) | (525,064) | -54.0% |
| Profit after taxation | 1,056,750 | 1,412,634 | -25.2% |
| Earnings per share - Basic and Diluted (Rupees) | 2.53 | 3.12 | -18.9% |
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