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

MG News | December 31, 2018 at 10:08 AM GMT+05:00

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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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