Sazgar Engineering Works' declined net sales drag down quarterly profits
MG News | October 22, 2018 at 04:13 PM GMT+05:00
October 22, 2018 (MLN): Sazgar Engineering Works (SAZEW) has undergone almost 22% decline in quarterly profits for the period ended September 30, 2018, as profits slipped from Rs.37.6 million during the first quarter of last year, to Rs.29.4 million.
The decline is attributed to the significant drop worth Rs.83.8 million in net sales. Meanwhile, the company’s gross profits tumbled by 11%.
In addition to this, SAZEW’s overall expenses grew over the year as finance cost increased by 24%
The collective impact of these components dragged down the company’s total profits substantially.
Moreover, SAZEW’s basic and diluted earnings per share declined by Rs.0.38 per share as they logged in at Rs.1.36 per share.
| Financial Results for the quarter ended September 30th 2018 (Rupees) | |||
|---|---|---|---|
|
| Sep-18 | Sep-17 | % Change |
| Sales - net | 838,193,623 | 921,959,171 | -9.09% |
| Cost of sales | 748,219,991 | 820,714,290 | -8.83% |
| Gross profit | 89,973,632 | 101,244,881 | -11.13% |
| Distribution cost | 22,090,643 | 25,091,089 | -11.96% |
| Administrative expenses | 23,504,513 | 18,158,761 | 29.44% |
| Other operating expenses | 3,069,740 | 3,941,622 | -22.12% |
|
| 48,664,896 | 47,191,472 | 3.12% |
| Other income | 1,199,470 | 503,911 | 138.03% |
| Operating profit before finance cost | 42,508,206 | 54,557,320 | -22.09% |
| Finance cost | 2,109,486 | 1,697,878 | 24.24% |
| Profit before taxation | 40,398,720 | 52,859,442 | -23.57% |
| Taxation | 11,031,407 | 15,249,031 | -27.66% |
| Profit after taxation | 29,367,313 | 37,610,411 | -21.92% |
| Earnings per share - basic and diluted | 1.36 | 1.74 | -21.84% |
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