MTL's net profits nosedive by 41% due to decline in sales revenue

MG News | April 25, 2019 at 02:49 PM GMT+05:00

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April 25, 2019 (MLN): Millat Tractors Limited has reported net earnings of Rs.2.7 billion (EPS: Rs. 60.1) for the nine months ended March 31, 2019, which is about 41% lower than the earnings of Rs. 4.5 billion recorded in the same period last year.

This decline in earnings was mainly due to the reduction in sales revenue by 20% coupled with higher input cost.

Despite increase in tractor prices, MTL's gross margins declined by 4.6% on account of rupee depreciation, higher duties on key inputs and rise in steel prices.

Moreover, during 9MFY19, company's tax payments declined considerably by 45%.

Consolidated profit and loss account for the nine months ended March 31st 2019 ('000 Rupees)
	Mar-19	Mar-18	% Change
Sales- net	23,567,834	29,545,058	-20.23%
Cost of sales	18,439,011	21,760,330	-15.26%
Gross profit	5,128,823	7,784,728	-34.12%
Distribution and marketing expenses	537,257	564,444	-4.82%
Administrative expenses	581,000	577,942	0.53%
Other operating expenses	530,089	527,535	0.48%
	1,648,346	1,669,921	-1.29%
Other income	398,680	454,451	-12.27%
Operating profit	3,879,157	6,569,258	-40.95%
Finance costs	89,234	13,479	562.02%
Profit before tax	3,789,923	6,555,779	-42.19%
Taxation	1,129,108	2,041,671	-44.70%
Profit for the year	2,660,815	4,514,108	-41.06%
Basic and diluted earnings per share (Rupees)	60.07	101.91	-41.06%

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