MUGHAL’s profits go down by 25% due to sharp rise in finance cost
By MG News | October 30, 2019 at 04:32 PM GMT+05:00
October 30, 2019 (MLN): Mughal Iron and Steel Industries Limited has reported net profits of Rs. 264.3 million (EPS: Rs. 1.05) for the quarter ended September 30, 2019, i.e. 25% lower than the earnings of same period last year.
The revenue of the company jumped by 11% on the back of higher volumetric sale and increase in retention prices. Similarly, the gross profits hopped by 14% due to the same reasons.
On the other hand, the finance cost grew by 146% owing to increased working capital requirement as well as hike in interest rates.
| Profit and Loss Account for the quarter ended September 30, 2019 (Rupees) | |||
|---|---|---|---|
| Sep-19 | Sep-18 | % Change | |
| Sales | 6,677,856,137 | 6,016,398,351 | 10.99% |
| Cost of sales | (5,841,167,643) | (5,282,927,991) | 10.57% |
| Gross profit | 836,688,494 | 733,470,360 | 14.07% |
| Sales and marketing expenses | (26,242,295) | (41,245,655) | -36.38% |
| Administrative expenses | (91,379,490) | (85,532,341) | 6.84% |
| Other charges | (23,403,235) | (30,069,188) | -22.17% |
| Other income | 13,084,102 | 3,282,799 | 298.57% |
| Finance cost | (402,441,500) | (163,546,221) | 146.07% |
| Profit before taxation | 306,306,076 | 416,359,754 | -26.43% |
| Taxation | (42,020,987) | (64,261,950) | -34.61% |
| Profit after taxation | 264,285,089 | 352,097,804 | -24.94% |
| Basic and diluted earnings per share | 1.05 | 1.40 | -25.00% |
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