SPL reports remarkable progress as its losses convert to gains for 1QFY19

MG News | October 24, 2018 at 12:16 PM GMT+05:00

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October 24, 2018 (MLN): The profits for Sitara Paroxide Limited (SPL) has performed remarkably as it managed to convert its losses of Rs. 81 million from the corresponding period last year, into massive profits of Rs. 140 million for the first quarter ended September 30^th2018.

According to the notification issued to PSX, the top-line earnings of the company showed a tremendous growth of 119.68% i.e. approximately Rs. 297 million as compared to last year, whereas the cost of sales improved by merely 22.51%.

Furthermore, the impact of increase in operating expenses including Distribution cost and Administrative cost by 34.11% and 18.86% respectively, along with increase in Finance cost by 9.98% was overcome by the increase in top-line earnings, as the overall impact on Profit before tax displayed an incredible conversion from losses of Rs. 78 million to gains of Rs. 146 million.

Even though the Provision for taxation reported an increase of 117.88%, the overall impact on Profit after tax showed an extraordinary improvement.

The Earnings per share of the company also improved significantly from losses to gains.

Profit and loss account for the quarter ended September 30th 2018
	Sep-18	Sep-17	% Change
Sales - Net	545,740,154	248,427,367	119.68%
Cost of goods sold	-347,640,071	-283,760,552	22.51%
Gross profit	198,100,083	-35,333,185
Other income	126,854	350,268	-63.78%
Distribution expenses	-7,505,283	-5,596,156	34.11%
Administrative expenses	-23,516,312	-19,784,842	18.86%
Finance cost	-20,265,491	-18,426,761	9.98%
Profit/(loss) before taxation	146,939,851	-78,790,676
Provision for taxation	-6,920,280	-3,176,150	117.88%
Profit/(loss) for the period	140,019,571	-81,966,826
Earnings/(loss) per share - Basic & Diluted	2.54	-1.49

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