PEL observes 34.6% decline in net profits

MG News | October 31, 2019 at 11:35 AM GMT+05:00

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October 31, 2019 (MLN): Pak Elektron Limited (PEL) has announced its financial results for the nine months ended September 30^th 2019, as per which the company posted 34.6% decline in profits after tax to Rs 870 million against Rs 1.3 billion gained in the same period the previous year.

Consequently, earnings per share for the period stood at Rs 1.68 per share against Rs 2.61, exhibiting a decline of 35.63%.

During the period PEL’s Net sales went down slightly by 4.68%YoY to Rs 22.6 billion on the back of lower sales volume, cost of sales also declined by 3.45%. Therefore, the gross profits witnessed a slight deterioration of 8.4%YoY with gross margins falling marginally from 25% to 24% YoY.

Furthermore, Distribution cost and Other operating expenses fell around 20% and 24% respectively, but a considerable increase in finance charges of the company by Rs 292 million offset its impact.

On the other hand, the company’s tax expenses depicted a noteworthy decline of 24% during the period, thereby providing support to bottom-line.

Consolidated Financial Results for the nine months ended September 30th 2019 ('000 Rupees)
	Sep-19	Sep-18	% Change
GROSS SALES	30,304,468	30,911,655	-1.96%
SALES TAX AND DISCOUNTS	(7,692,889)	(7,190,611)	6.99%
NET SALES	22,611,579	23,721,044	-4.68%
COST OF SALES	(17,270,016)	(17,887,068)	-3.45%
GROSS PROFIT	5,341,563	5,833,976	-8.44%
OTHER OPERATING INCOME	21,327	13,256	60.89%
DISTRIBUTION COST	(1,394,876)	(1,739,743)	-19.82%
ADMINISTRATIVE EXPENSES	(1,020,518)	(932,813)	9.40%
OTHER OPERATING EXPENSES	(49,632)	(65,113)	-23.78%
FINANCE COST	(1,901,708)	(1,609,554)	18.15%
SHARE OF PROFIT/(LOSS) OF ASSOCIATE	524	(1,095)
PROFIT BEFORE TAXATION	996,680	1,498,914	-33.51%
PROVISION FOR TAXATION	(126,494)	(166,662)	-24.10%
PROFIT AFTER TAXATION	870,186	1,332,252	-34.68%
EARNINGS PER SHARE	1.68	2.61	-35.63%

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