KTML’s net profit shrinks by 23.4% annually

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

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	134,299.77 290.06M	0.39% 517.42
ALLSHR	84,018.16 764.12M	0.48% 402.35
KSE30	40,814.29 132.59M	0.33% 132.52
KMI30	192,589.16 116.24M	0.49% 948.28
KMIALLSHR	56,072.25 387.69M	0.32% 180.74
BKTi	36,971.75 19.46M	-0.05% -16.94
OGTi	28,240.28 6.19M	0.21% 58.78

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	118,140.00	119,450.00 115,635.00	4270.00 3.75%
BRENT CRUDE	70.63	70.71 68.55	1.99 2.90%
RICHARDS BAY COAL MONTHLY	97.50	0.00 0.00	1.10 1.14%
ROTTERDAM COAL MONTHLY	108.75	108.75 108.75	0.40 0.37%
USD RBD PALM OLEIN	998.50	998.50 998.50	0.00 0.00%
CRUDE OIL - WTI	68.75	68.77 66.50	2.18 3.27%
SUGAR #11 WORLD	16.56	16.60 16.20	0.30 1.85%