Sazgar Engineering Works' declined net sales drag down quarterly profits

MG News | October 22, 2018 at 04:13 PM GMT+05:00

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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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