Sazgar Engineering Works’ declined net sales drag down quarterly profits

 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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Posted on: 2018-10-22T16:13:00+05:00

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