Power Cement reports tragic results for 1HFY20
MG News | February 28, 2020 at 11:03 AM GMT+05:00
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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