KTML’s net profit shrinks by 23.4% annually

MG News | September 23, 2019 at 10:53 AM GMT+05:00

Add Mettisglobal as a Trusted Source on Google

0:00

September 23, 2019 (MLN): Kohinoor Textile Mills Limited (KTML) has announced its consolidated financial results for the year ended June 30^th 2019. As per results, the company witnessed its net profits of Rs.4.3 billion (EPS: Rs.10.45), declined by 23.4% YoY compared to last year's net profit of Rs.5.76 billion (EPS: Rs.11.95).

According to the consolidated earnings report issued to PSX earlier today, Kohinoor Textile Mills’ revenue collection surged by 8.4%, however, a greater percentage increase in cost of sales i.e. 15.6% caused gross profits dipped by around 12% to Rs.9.9 billion.

More notably, the company’s other expenses soared by around 54.4%, from Rs.591 million to Rs.913 million, YoY. Due to this significant increase, operating profits reduced by around 17.2%.

Moreover, Kohinoor bore 39.5% higher finance costs owing to increase in interest rate which led to 26.5% drop in pre-tax profits.

However, since the taxation reduced by 39%, the company’s overall profits for the year dropped by a margin of 23.4%.

The company announced a final cash dividend for the aforesaid period at Re. 0.75 per share i.e. 7.50%. This is in addition to the interim dividend already paid at Re. 1/- per share i.e. 10%.

Consolidated Financial Results for the Year Ended June 30th 2019 ('000 Rupees)
	Jun-19	Jun-18	% Change
Revenue	47,118,185	43,467,343	8.4%
Cost of sales	(37,195,802)	(32,167,468)	15.6%
Gross profit	9,922,383	11,299,875	-12.2%
Distribution cost	(1,494,425)	(1,725,281)	-13.4%
Administrative expenses	(1,397,137)	(1,335,943)	4.6%
Other expenses	(913,597)	(591,850)	54.4%
	(3,805,159)	(3,653,074)	4.2%
	6,117,224	7,646,801	-20.0%
Other income	728,407	621,734	17.2%
Profit from operations	6,845,631	8,268,535	-17.2%
Finance cost	(1,628,876)	(1,167,391)	39.5%
Profit before taxation	5,216,755	7,101,144	-26.5%
Taxation	(840,430)	(1,384,635)	-39.3%
Profit after taxation	4,376,325	5,716,509	-23.4%
Earnings as per share - Basic and Diluted (Rupees)	10.45	11.95	-12.6%

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	171,021.20 228.53M	-0.42% -718.25
ALLSHR	103,836.39 572.65M	-0.41% -422.85
KSE30	50,951.99 89.47M	-0.52% -264.77
KMI30	240,633.87 93.99M	-0.31% -756.80
KMIALLSHR	66,572.75 300.61M	-0.28% -185.59
BKTi	48,673.23 31.18M	-0.70% -343.86
OGTi	33,702.25 6.35M	-0.61% -205.57

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	64,405.00	64,405.00 63,875.00	190.00 0.30%
BRENT CRUDE	98.70	101.19 95.13	-1.99 -1.98%
RICHARDS BAY COAL MONTHLY	105.75	0.00 0.00	-1.55 -1.44%
ROTTERDAM COAL MONTHLY	121.10	121.10 121.10	0.70 0.58%
USD RBD PALM OLEIN	1,175.00	1,175.00 1,175.00	0.00 0.00%
CRUDE OIL - WTI	90.47	92.83 87.68	-1.72 -1.87%
SUGAR #11 WORLD	14.76	14.79 14.54	0.07 0.48%