Equity

Pakgen Power Ltd’s earnings shoot up by 70% during 1HCY20

August 18, 2020

Hi-Tech Lubricants records a double increase in profits during FY20

August 18, 2020 (MLN): Pakgen Power Limited company has announced the results for the half-year ended June 30, 2020, wherein the company has earned profits of Rs. 2.25 billion (EPS: 6.06), i.e. around 70% higher than the bottom-line income of the same period last year.

Even though the revenue of the company fell by 26%, the decline in the cost of sales by 58% helped in lifting the gross profits by almost 51%.

However, the company suffered some setbacks in the form of an increase in Administrative expense and non-core expense by 51% and 21% respectively, which was coupled with a decline in other income by 50%.

There was a minimal change of 4% in finance costs, whereas no income tax was paid during the period.

Financial Results for the half-year ended June 30, 2020 (Rupees'000)
	Jun-20	Jun-19	% Change
Sales	4,993,768	6,734,197	-25.8%
Cost of sales	(1,976,245)	(4,733,475)	-58.2%
Gross Profit	3,017,523	2,000,722	50.8%
Administrative expenses	(114,741)	(94,907)	20.9%
Other expenses	(1,295)	(1,388)	-6.7%
Other income	38,297	77,439	-50.5%
Finance cost	(683,311)	(657,958)	3.9%
Profit before taxation	2,256,473	1,323,908	70.4%
Taxation	–	–
Profit after taxation	2,256,473	1,323,908	70.4%
Earnings per share	6.06	3.56	70.2%