Shahtaj Textile’s net profits up by 21% in 1HFY20

MG News | February 25, 2020 at 02:01 PM GMT+05:00

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February 25, 2020 (MLN): Shahtaj Textile Mills Limited (STJT) has announced its financial results today for the half-year ended December 31, 2019, as per results, it has posted its earnings of Rs 63 million. I.e. 21% higher than the net profit of Rs 520 million of the corresponding period of last year.

As per the financial statement of the company, the cost of sales went up by 4.58%, but more than an increase in net sales (up by 7.59%) made the gross profits increased to Rs. 235 million, up by 45.46% YoY.

On the cost front, the distribution cost, administrative expenses jumped by 18.63% YoY and 13.11% YoY respectively whereas other operating expenses soared by 3.72 times YoY which restricted the company’s bottom line.

Moreover, an increase in finance cost by 22.6% YoY, from Rs 38 million to Rs 46 million owing to higher borrowings with higher interest rates, keeping the profitability of the company in check.

During the period under review, the other income of the company showed a massive decline of 99% YoY to stand at Rs 150 thousand.

STJT’s basic and diluted earnings per share have been reported at Rs 6.57 per share while those recorded last year were Rs 5.44 per share.

Profit and Loss Account for the Half Ended December 31 2019 (Rupees)
	Dec-19	Dec-18	% Change
Sales - net	2,369,462,270	2,202,338,961	7.59%
Cost of goods sold	(2,133,858,211)	(2,040,364,691)	4.58%
Gross profit	235,604,059	161,974,270	45.46%
Distribution cost	(36,473,734)	(30,745,300)	18.63%
Administrative expenses	(52,684,895)	(46,578,778)	13.11%
Other operating expenses	(18,421,208)	(4,948,805)	272.24%
Finance cost	(46,730,150)	(38,122,898)	22.58%
	(154,309,987)	(120,395,781)	28.17%
Other income	150,759	25,194,523	-99.40%
Profit before taxation	81,444,831	66,773,012	21.97%
Taxation	(18,006,333)	(14,264,694)	26.23%
Profit after taxation	63,438,498	52,508,318	20.82%
Earnings per share - basic and diluted	6.57	5.44	20.77%

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