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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