Power Cement’s losses transformed into profits, courtesy of tax benefits

05:47
October 29, 2018
MG

October 29, 2018 (MLN): Power Cement Limited (POWER) has announced its financial results for the first quarter of current year, ended September 30, 2018, where it posted its profit after tax (PAT) at Rs.10.97 million, (EPS: Rs.0.01), 87% lower on a year-on-year (YoY) basis.

As per an official report on the results, the company actually suffered losses worth Rs.60 million, before tax benefits saved the progress.

POWER witnessed 60% YoY decline in gross profits, whereas overall growth in expenses landed the company in operating losses, worth Rs.18 million.

POWER had to make additional provisions on account of higher net finance costs, which rose to Rs.42 million against Rs.3.3 million recorded for the same quarter last year.

Fortunately for the company, Tax reversals worth Rs.71 million turned POWER’s losses to profits, but failed to mark a growth on a year-on-year basis.

Profit and Loss Account for the quarter ended September 30, 2018 ('000 Rupees)
	Sep-18	Sep-17	% Change
Net sales	892,112	924,421	-3.50%
Cost of sales	(812,455)	(725,270)	12.02%
Gross profit	79,657	199,151	-60.00%
Selling and distribution expenses	(34,034)	(34,881)	-2.43%
Administrative expenses	(39,041)	(27,159)	43.75%
Other income	29	415	-93.01%
Other operating expenses	(24,661)	(10,260)	140.36%
Operating profit	(18,050)	127,266
Finance income	964	32,824	-97.06%
Finance costs	(43,120)	(36,101)	19.44%
Finance costs – net	(42,156)	(3,277)	1186.42%
Profit before taxation	(60,206)	123,989
Taxation	71,179	(38,987)
Profit after taxation	10,973	85,002	-87.09%
Earnings per share – basic and diluted (Rupees)	0.01	0.09	-88.89%

Copyright Mettis Link News

Posted on: 2018-10-29T10:47:00+05:00

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