September 23, 2019 (MLN): Kohinoor Textile Mills Limited (KTML) has announced its consolidated financial results for the year ended June 30th 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% |
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