Kohinoor Textile’s profits plummet by 25% as cost of sales soar

06:32
October 25, 2018
MG

October 24, 2018 (MLN): Kohinoor Textile Mills reported a decline of 25.2% in its profits for the quarter ended 30^th 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%

Copyright Mettis Link News

Posted on: 2018-10-25T11:32:00+05:00

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