Rising input and finance cost reduce AGTL's profitability by 50%
By MG News | April 26, 2019 at 11:58 AM GMT+05:00
April 26, 2019 (MLN): Al-Ghazi Tractors Limited (AGTL) has announced its financial results for the quarter ended on March 31st 2019, as per which the company's net profits after tax locked in at Rs 565.6 million with EPS at Rs 9.76 compared to Rs 1.1 billion (EPS: 19.6) posted in the same quarter last year.
The decline in company's top-line by 30% due to rise in input costs, dragged the company's nets profits by around 50%.
Additionally, the upsurge in finance cost by a considerable amount of Rs 96.9 million put an additional dent on the profitability of the company.
On the other hand, the company observed around 51% decline in tax payments, 26% decline in cost of sales and 51% decline in other operating expenses, which provided cushion to the earnings.
| Profit and Loss Account for the Quarter Ended March 31st, 2019 (Rupees '000) | |||
|---|---|---|---|
|
| Mar-19 | Mar-18 | % Change |
| Sales | 4,833,191 | 6,957,891 | -30.5% |
| Cost of goods sold | (3,761,472) | (5,071,810) | -25.8% |
| Gross Profit | 1,071,719 | 1,886,081 | -43.2% |
| Distribution cost | (69,658) | (76,186) | -8.6% |
| Administrative expenses | (76,731) | (87,815) | -12.6% |
|
| 925,330 | 1,722,080 |
|
| Other income | 14,439 | 15,023 | -3.9% |
| Other operating expenses | (57,324) | (119,068) | -51.9% |
|
| 882,445 | 1,618,035 |
|
| Finance cost | (97,061) | (142) | 68252.8% |
| Profit before taxation | 785,384 | 1,617,893 | -51.5% |
| Taxation | (219,775) | (481,796) | -54.4% |
| Profit after taxation | 565,609 | 1,136,097 | -50.2% |
| Earnings per share - Basic and diluted (Rupees) | 9.76 | 19.60 | -50.2% |
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