Sanghar Sugar Mills enjoys profits this year due to higher non-core income

December 31, 2018 (MLN): Sanghar Sugar Mills Limited (SANSM) has reported annual profit for the year ended September 30, 2018 at Rs.19.4 million, EPS: Rs.1.63.

This marks a remarkable improvement on the company’s part since financial results for the corresponding period of last year showed a loss of Rs.287 million.

The sales (Rs.3.4 billion) for the year expanded by Rs.822 million (+31%, YoY) whereas last year’s gross loss of 70.6 million has turned into a gross profit of Rs.98.5 million.

The company’s overall operating cost grew by 44%, while finance cost has jumped up by 29%.

Sanghar Sugar Mill’s operating loss during the year stands at Rs.38.6 million, but fortunately non-core income worth Rs.185 million pulled the company from last year’s losses to profit.

Profit and Loss Statement for year ended September 30, 2018 ('000 Rupees)

 

Sep-18

Sep-17

% Change

Sales

                             3,405,535

                             2,583,232

31.83%

Cost of Sales

                             3,307,015

                             2,653,892

24.61%

Gross Profit/(Loss)

                                   98,520

                                 (70,660)

 

Profit from trading activities

                                      3,553

                                             –  

 

 

                                 102,073

                                 (70,660)

 

Distribution cost

                                   41,879

                                         796

5161.18%

Administrative cost

                                   90,971

                                   84,937

7.10%

Other operating cost

                                      7,812

                                   11,622

-32.78%

 

                                 140,662

                                   97,355

44.48%

Operating Loss

                                 (38,589)

                               (168,015)

-77.03%

Other income

                                 185,391

                                      2,617

6984.10%

 

                                 146,802

                               (165,398)

 

Finance cost

                                 121,934

                                   94,280

29.33%

Profit/(Loss) before taxation

                                   24,868

                               (259,678)

 

Taxation

                                      5,442

                                   27,426

-80.16%

Profit/(Loss) after taxation

                                   19,426

                               (287,104)

 

Earnings/(loss) per share – Basic

                                        1.63

                                   (24.03)

 

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Posted on: 2018-12-31T10:08:00+05:00

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