MUGHAL suffers a 48% decline in net profits

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By MG News | February 21, 2020 at 04:57 PM GMT+05:00

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February 21, 2020 (MLN): Mughal Iron and Steel Industries Limited has reported net profits of Rs. 366 million for the half-year ended December 31, 2019, i.e. 48.4% lower than the earnings reported in the same period of last year.

The decline in bottom-line earnings ensued after the company failed to lift its sales revenue, which remained almost flat during the period.

Even though there was a 1.52x increase in non-core income, the 99% increase in finance costs prevented the financial position of the company from showing improvement.

Nonetheless, the company received tax rebates amounting to Rs. 24.2 million, which provided some respite to the bottom-line earnings.

Besides the financial performance, the company has informed the market participants that it has commenced export of copper ingots, which is another strategic step towards further diversification of product and market portfolio.

The Company has extended its operations through penetration into the south market as well and is actively developing its clientele network in the region.

Profit and Loss Account for the half-year ended December 31, 2019 (Rupees)

 

Dec-19

Dec-18

% Change

Sales

                            14,078,665,740

                            14,076,277,919

0.02%

Cost of sales

                         (12,726,234,695)

                         (12,461,689,439)

2.12%

Gross profit

                              1,352,431,045

                              1,614,588,480

-16.24%

Sales and marketing expenses

                                  (64,272,206)

                                  (97,757,626)

-34.25%

Administrative expenses

                               (196,381,023)

                               (170,611,176)

15.10%

Other charges

                                  (27,970,876)

                                  (65,136,480)

-57.06%

Other income

                                    25,083,054

                                      9,949,323

152.11%

Finance cost

                               (746,618,101)

                               (373,912,448)

99.68%

Profit before taxation

                                  342,271,893

                                  917,120,073

-62.68%

Taxation

                                    24,214,666

                               (204,120,631)

 

Profit after taxation

                                  366,486,559

                                  712,999,442

-48.60%

Basic and diluted earnings per share

                                                 1.46

                                                 2.83

-48.41%

 

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