Pakistan Cables Ltd.'s annual profits drop by 36%

MG News | August 17, 2018 at 11:59 AM GMT+05:00

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Pakistan Cables’ annual profits decreased by 36% to Rs.305.3 million from Rs.478.5 million during the FY -17, as the finance costs for the period doubled and earnings from other income reduced by 58%.

In their Board of Directors meeting conducted on August 17^th 2018, the company considered their financial earnings for the Fiscal year ended June 30^th 2018, where it was reported that Pakistan cables’ Gross profits reduced by 10%.

To compensate for the increased expenses and lower incomes, the Share of profits from associates demonstrated a remarkable increase of 68%, but the impact was not very significant.

The company further managed to reduce its tax provisions by 73%, bringing the profits after taxation to a smaller reduction of 36% as compared to a drop of 45% in profits before taxation.

Additionally, Earnings per share for the year is Rs.10.32 per share from Rs.16.25 per share during FY-17.

Financial Results for the year ended June 30th 2018 ('000 Rupees)
	Jun-18	Jun-17	%Change
Net sales	9,560,954	8,083,511	18.28%
Cost of sales	(8,423,835)	(6,815,996)	23.59%
Gross profit	1,137,119	1,267,515	-10.29%
Marketing, selling and distribution costs	(438,265)	(406,018)	7.94%
Administrative expenses	(248,902)	(230,120)	8.16%
Finance costs	(133,616)	(65,620)	103.62%
Other expenses	(29,375)	(48,746)	-39.74%
Other income	40,687	97,694	-58.35%
Share of profit from associate	16,118	9,546	68.85%
Profit before income tax	343,766	624,251	-44.93%
Taxation	(38,423)	(145,795)	-73.65%
Profit for the year	305,343	478,456	-36.18%
Earnings per share - basic and diluted (Rupees)	10.32	16.25	-36.49%

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