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

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 17th 2018, the company considered their financial earnings for the Fiscal year ended June 30th 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%

 

Posted on: 2018-08-17T11:59:00+05:00

22671