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Rising input and finance cost reduce AGTL’s profitability by 50%

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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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Posted on: 2019-04-26T11:58:00+05:00

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