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Searle’s profits dip by 16.6% on the back of PKR devaluation.

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October 1, 2019 (MLN): The Searle Company Limited has announced its consolidated financial results for the year ended June 30th 2019. As per results, the company has witnessed the decline in its earnings by 16.61% to stand at Rs. 2.2billion on account of sharp devaluation of PKR.

During the period, the company’s net revenues were up by 11.85%, but more than proportionate increase in the cost of sales made the gross profits increased only by 3% while keeping in view that the industry’s raw material is imported.

More notably, the company’s other income soared by around 49%, from Rs.156 million to Rs.234 million, YoY.

However, a significant increase in finance cost by a whopping (102.49%) dragged down the company’s profit by an amount of Rs. 451 million.

Searle’s basic and diluted earnings per share have been reported at Rs.10.55 per share while those recorded last year were Rs.12.65 per share.

Moreover, the company's Board of Management has announced final cash dividend for the financial year ended June 30th, 2019 at the rate of Rs.2.50 per share i.e. 25%.

Consolidated statement of Profit or Loss for the Year ended June 30th 2019 ('000 Rupees)

 

 

Jun-19

Jun-18

% Change

Revenue

                        18,062,107

                        16,148,468

11.85%

Cost of sales

                        (9,462,243)

                        (7,817,504)

21.04%

Gross profit

                           8,599,864

                           8,330,964

3.23%

Distribution costs

                        (4,284,999)

                        (3,742,496)

14.50%

Administrative expenses

                        (1,103,218)

                        (1,078,295)

2.31%

Loss Allowance

                              (13,246)

 

 

Other operating expenses

                            (161,748)

                            (195,407)

-17.23%

Other income

                              234,445

                              156,393

49.91%

Profit for operations

                           3,271,098

                           3,471,159

-5.76%

Finance cost

                            (438,870)

                            (216,736)

102.49%

Profit before income tax

                           2,832,228

                           3,254,423

-12.97%

Income tax expense

                            (566,932)

                            (537,823)

5.41%

Profit for the year

                           2,265,296

                           2,716,600

-16.61%

Basic and diluted earnings per share (Rupees)

                                   10.55

                                   12.65

 

 

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Posted on: 2019-10-01T11:51:00+05:00

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