Siemens’s bottom line gains shrink by 27 percent in the last quarter

January 29, 2019 (MLN): Siemens Pakistan Engineering Co. has announced its financial earning for the quarter ended with December 2018 to have suffered a considerable decline of 27.3% as its net income for the period rounded up at Rs.204.9 million, (EPS: Rs.24.84) down from a profit of Rs.281.7 million recorded last year.

The company’s net profit margin has observed a drop of 2% which is reflected in the higher cost of sales (Rs.3.4 billion, up by 9% YoY). SIEM’s gross profits have fallen by around 9% as a result of this.

Moreover, the overall expenses grew as well, weighing down the operating profits by a quarter. As can be seen, the company also incurred a net financial loss worth Rs.57 million.

Profit and Loss for the quarter ended December 31, 2018 ('000 Rupees)

 

Dec-18

Dec-17

% Change

Net sales and services

                       4,212,654

                       4,004,488

5.2%

Cost of sales and services

                     (3,422,328)

                     (3,137,391)

9.1%

Gross Profit

                           790,326

                           867,097

-8.9%

Marketing and selling expenses

                        (297,684)

                        (270,815)

9.9%

General administrative expenses

                           (54,696)

                           (55,487)

-1.4%

 

                        (352,380)

                        (326,302)

8.0%

 

                           437,946

                           540,795

-19.0%

Other income

                               3,700

                             57,109

-93.5%

Other operating expenses

                           (27,332)

                           (43,306)

-36.9%

Net other operating (expenses)/ income

                           (23,632)

                             13,803

-271.2%

Operating profit/(loss)

                           414,314

                           554,598

-25.3%

Financial income

                               1,758

                             28,716

-93.9%

Financial expenses

                           (58,966)

                             (9,169)

543.1%

Net financial income

                           (57,208)

                             19,547

 

Profit/(loss) before income tax expense and gain on sale of assets classified as held for sale

                           357,106

                           574,145

-37.8%

Income tax

                        (152,249)

                        (292,477)

-47.9%

Net profit for the period

                           204,857

                           281,668

-27.3%

Basic and diluted  earnings/(loss) per share (Rupees)

                               24.84

                               34.15

-27.3%

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Posted on: 2019-01-29T11:17:00+05:00

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