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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