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KTML: Bottom line shrinks by 33% YoY in 1HFY22

February 24, 2022 (MLN): The profitability of Kohinoor Textile Mills (KTML) has declined by 33.6% YoY to stand at Rs3.24 billion for the half-year ended on December 31, 2022, compared to Rs4.88bn earned in 1HFY21, the company’s filing on PSX showed on Thursday.

In conjunction with financial results, the company offered a final cash dividend for the quarter ended December 31, 2021, at Re1 per share i.e., 10%.

The substantial drop in profitability is attributed to the notable decline in other income.

During the period under review, the topline went up by around 33% YoY to Rs40.59bn on an account of higher growth in sales volume. Despite a 20% YoY increase in the cost of sales, this substantial increase in topline expanded the gross margin from 21% to 29% during FY22.

On the cost side, the distribution cost jumped by 60% YoY to stand at Rs1.4bn while administrative expenses moved up 6% YoY to stand at Rs866 million. In addition, the finance cost of the company has inched up by 6.2% YoY owing to monetary tightening by SBP.

Meanwhile, the other income decreased substantially by around 91% YoY to peg at Rs255mn in 1HFY22.

However, the company booked a tax expense of Rs1.46bn, up by 34% YoY during the review period.

Consolidated Financial Results for the half-year ended December 31, 2021 ('000 Rupees)

 

Dec-21

Dec-20

% Change

Revenue

40,596,404

30,546,221

32.9%

Cost of sales

(28,974,399)

(24,147,605)

20.0%

Gross profit

11,622,005

6,398,616

81.6%

Distribution cost

(1,482,160)

(925,883)

60.1%

Administrative expenses

(866,705)

(817,153)

6.1%

Other expenses

(3,652,338)

(360,788)

912.3%

 

(6,001,203)

(2,103,824)

185.3%

 

5,620,802

4,294,792

30.9%

Other income

255,005

2,782,784

-90.8%

Profit from operations

5,875,807

7,077,576

-17.0%

Finance cost

(1,169,027)

(1,100,669)

6.2%

Profit before taxation

4,706,780

5,976,907

-21.3%

Taxation

(1,461,735)

(1,089,735)

34.1%

Profit after taxation

3,245,045

4,887,172

-33.6%

Earnings per share – Basic and Diluted (Rupees)

7.9

12.51

-36.9%

Copyright Mettis Link News

Posted on: 2022-02-24T10:48:11+05:00

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