Lack of cost cutting drags down Kohat Cement's quarterly profits
MG News | October 23, 2018 at 01:14 PM GMT+05:00
October 23, 2018 (MLN): Kohat Cement Company Limited has suffered nearly 42% decline in the first three months of current fiscal year, as compared to the first quarter of last year. This drop has come about as a result of uninhibited cost of sales.
As per the company’s official report on its financial earnings, net sales registered a decent improvement during the quarter but since cost of sales soared by Rs.592.9 million, the company’s gross profits tripped by 36%.
While some expenses recorded declines, others reported increments, thereby off-setting eachother’s impacts.
Although taxation expenses reduced by 27% or Rs.94.5 million, the company still ended up making Rs.374.6 million lesser profits over the year.
Kohat cement’s basic and diluted earnings per share have also dropped by Rs.2.43 per share, as it logged in at Rs.3.42 per share
| Profit and Loss Account for the quarter ended September 30th 2018 (Rupees) | |||
|---|---|---|---|
|
| Sep-18 | Sep-17 | % Change |
| Sales - net | 3,520,643,233 | 3,417,430,370 | 3.02% |
| Cost of sales | (2,658,257,198) | (2,065,370,367) | 28.71% |
| Gross profit | 862,386,035 | 1,352,060,003 | -36.22% |
| Selling and distribution expenses | (30,518,788) | (30,439,017) | 0.26% |
| Administrative and general expenses | (67,294,764) | (42,550,221) | 58.15% |
| Other operating income | 86,206,637 | 88,324,418 | -2.40% |
| Other operating charges | (60,375,964) | (101,828,275) | -40.71% |
|
| (71,982,879) | (86,493,095) | -16.78% |
| Operating profit | 790,403,156 | 1,265,566,908 | -37.55% |
| Finance cost | (10,787,217) | (16,868,831) | -36.05% |
| Profit before taxation | 779,615,939 | 1,248,698,077 | -37.57% |
| Taxation | (251,072,051) | (345,565,492) | -27.34% |
| Profit after taxation | 528,543,888 | 903,132,585 | -41.48% |
| Earnings per share - basic and diluted (Rupees) | 3.42 | 5.85 | -41.54% |
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