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MUGHAL’s profits go down by 25% due to sharp rise in finance cost

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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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Posted on: 2019-10-30T16:32:00+05:00

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