Power Cement reports tragic results for 1HFY20

February 28, 2020 (MLN): Power Cement Limited has suffered losses of Rs. 365.8 million (LPS: Rs. 0.34) for the half year ended December 31, 2019, as opposed to the earning of Rs. 9.7 million (EPS: Rs. 0.01) reported in same period of last year.

The Selling and Administrative costs of the company surged by 19.15% and 21.35% respectively, whereas impairment loss on trade debts slumped by 76.6%.

On the other hand, the company’s earnings got a boost from the rise in other income as well as presence of other operating income.

The increase in the finance cost by 1.95x, however, pushed the company further into losses.

Profit and Loss Account for the six months ended December 31, 2019 ('000 Rupees)

 

Dec-19

Dec-18

% Change

Sales – net

1,252,942

2,018,137

-37.92%

Cost of sales

(1,588,101)

(1,820,325)

-12.76%

Gross (loss) / profit

(335,159)

197,812

 

Selling and distribution expenses

(68,380)

(57,392)

19.15%

Administrative expenses

(89,232)

(73,533)

21.35%

Impairment loss on trade debts

(7,537)

(32,200)

-76.59%

Other income

36,930

320

11440.63%

Other operating income/expenses

143,138

(61,268)

 

Operating loss

(320,240)

(26,261)

1119.45%

Finance costs – net

(198,544)

(67,147)

195.69%

Loss before taxation

(518,784)

(93,408)

455.40%

Taxation

152,968

103,126

48.33%

Profit after taxation

(365,816)

9,718

 

Earnings per share – basic and diluted (Rupees)

(0.340)

0.01

 

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Posted on: 2020-02-28T11:03:00+05:00

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