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