Mehran Sugar Mills Ltd's profits exhibit terrific growth despite fall in sales revenue
MG News | December 28, 2018 at 05:12 PM GMT+05:00
December 28, 2018 (MLN): The bottom-line earnings for Mehran Sugar Mills Limited have shown terrific growth, as the profits for the year ended September 2018 amounted to Rs. 407 million, almost double the amount from last year.
In spite of sales revenue falling by nearly 13%, the company recuperated its gains through a comparatively larger fall in cost of sales, combined with increase in share of profits from associates as well as fall in company’s taxation.
The company stated its earning per share for the year ended September 2018 at Rs. 12.7, almost 213% higher compared to last year’s figure.
| Profit and loss account for the year ended September 30th 2018 (Rupees) | |||
|---|---|---|---|
|
| Sep-18 | Sep-17 | % Change |
| Turnover | 4,790,789,858 | 5,500,835,862 | -12.91% |
| Cost of sales | -4,201,109,587 | -5,233,068,269 | -19.72% |
| Gross profit | 589,680,271 | 267,767,593 | 120.22% |
| Distribution costs | -111,448,318 | -83,037,172 | 34.21% |
| Administrative expenses | -281,959,541 | -244,970,331 | 15.10% |
| Other expenses | -69,392,379 | -9,357,006 | 641.61% |
| Other income | 169,541,014 | 362,734,920 | -53.26% |
| Operating profit | 296,421,047 | 293,138,004 | 1.12% |
| Share of profit from associates - net | 340,016,123 | 100,112,515 | 239.63% |
| Finance costs | -212,571,493 | -196,674,799 | 8.08% |
| Profit before taxation | 423,865,677 | 196,575,720 | 115.62% |
| Taxation | -16824716 | -66871019 | -74.84% |
| Net profit for the year | 407,040,961 | 129,704,701 | 213.82% |
| Basic and diluted earnings per share | 12.71 | 4.05 | 213.83% |
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