Punjab Oil Mills profits fall by 52% despite positive top line earnings

MG News | October 16, 2018 at 01:46 PM GMT+05:00

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October 16, 2018 (MLN): Punjab Oil Mills Limited has reported a downswing in its profits by almost 52%, for the year ended June 30^th, 2018 as compared to last year.

According to the financial earnings report issued to PSX, the overall profits of the company fell in spite of an increase in top line earnings by Rs. 5 billion (+11.47%), which was largely annulled by an increase in cost of production by Rs. 4.6 billion (+12.41%).

Furthermore, the weight of increase in Selling & distributions cost by Rs. 61 million (+18.51%) along with Administrative expenses by Rs. 15 million (10.62%) rightly converted a positive change in gross profit to a negative change Operating profit (-14.37%).

Moreover, an increase in the Finance costs by nearly Rs. 5.2 million (+182.3%) further deteriorated the financial position of the company.

The increased in taxes from Rs. 64 million last year to Rs. 1.54 million this year (+63.25) further contributed to the ultimate decline in profits of the company.

The Earnings per share of the company reported a decline of 51.89%.

Financial Results for the Year Ended June 30th 2018 (Rupees)
	Jun-18	Jun-17	% Change
Sales - net	4,950,808,026	4,441,220,968	11.47%
Cost of sales	4,211,145,251	3,746,166,916	12.41%
Gross profit	739,662,775	695,054,052	6.42%
Selling and distribution cost	392,321,752	331,048,257	18.51%
Administrative expenses	157,833,817	142,685,478	10.62%
Operating profit	189,507,206	221,320,317	-14.37%
Finance cost	8,178,223	2,896,870	182.31%
Other operating charges	13,964,140	17,909,073	-22.03%
Other income	6,923,421	7,680,995	-9.86%
Profit before taxation	174,288,264	208,195,369	-16.29%
Taxation	105,132,622	64,418,299	63.20%
Profit for the year	69,155,642	143,777,070	-51.90%
Earnings per share - basic and diluted	12.83	26.67	-51.89%

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