PAEL's bottom-line gains slip by 50% due to reduced top-line earnings
MG News | October 30, 2018 at 03:17 PM GMT+05:00
October 30, 2018 (MLN): Pak Elektron Limited (PAEL)’s consolidated profits for the nine months ended September 30, 2018 have slipped significantly as they logged in at Rs.1.3 billion, (-55%) while EPS was recorded at Rs.2.61 per share.
The company’s topline earnings tumbled by over 8% while gross profits (Rs.5.8 billion) came down by 24% during the period, YoY.
Moreover, PAEL’s net expenses including finance cost grew, while non-core income dipped by 16%, resulting in a 58% decline in pretax profits (Rs.1.5 billion).
| Consolidated Financial Results for the nine months ended September 30th 2018 ('000 Rupees) | |||
|---|---|---|---|
|
| Sep-18 | Sep-17 | % Change |
| GROSS SALES | 30,911,655 | 33,876,335 | -8.75% |
| SALES TAX AND DISCOUNTS | (7,190,611) | (7,816,686) | -8.01% |
| NET SALES | 23,721,044 | 26,059,649 | -8.97% |
| COST OF SALES | (17,887,068) | (18,335,528) | -2.45% |
| GROSS PROFIT | 5,833,976 | 7,724,121 | -24.47% |
| OTHER OPERATING INCOME | 13,255 | 15,854 | -16.39% |
| DISTRIBUTION COST | (1,739,743) | (1,928,963) | -9.81% |
| ADMINISTRATIVE EXPENSES | (932,813) | (846,227) | 10.23% |
| OTHER OPERATING EXPENSES | (65,112) | (161,907) | -59.78% |
| FINANCE COST | (1,609,554) | (1,234,003) | 30.43% |
| SHARE OF PROFIT/(LOSS) OF ASSOCIATE | (1,095) | 1,406 |
|
| PROFIT BEFORE TAXATION | 1,498,914 | 3,570,281 | -58.02% |
| PROVISION FOR TAXATION | (166,662) | (598,619) | -72.16% |
| PROFIT AFTER TAXATION | 1,332,252 | 2,971,662 | -55.17% |
| EARNINGS PER SHARE | 2.61 | 5.91 | -55.84% |
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