STJT declares net profits of Rs.24 million

MG News | October 23, 2019 at 03:21 PM GMT+05:00

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October 23, 2019 (MLN): Shahtaj Textile Mills Limited (STJT) has announced its financial results today for the quarter ended September 30^th 2019, according to which it has posted its net profits of Rs 24 million , up by 118 times compared to last year net profit of Rs 203 thousands.

During the period, the company’s cost of sales surged by 2.32%, but more than proportionate increase in net sales (up by 7.94%) made the gross profits increased to Rs. 118 million, up by 2 times compared to the last year’s gross profit of Rs. 56 million.

Despite increments in overall expenses including the finance cost (up by 40.73%, YoY), and an additional drop in non-income by 90.30%, YoY, the company pulled its quarterly profits.

Moreover, the taxation expenses increased by 99%, from Rs.5 million to Rs. 10.8 million.

STJT’s basic and diluted earnings per share have been reported at Rs.2.50 per share while those recorded last year were Rs.0.02 per share.

Profit and Loss Account for the Quarter Ended September 30th 2019 (Rupees)
	Sep-19	Sep-18	% Change
Sales - net	1,149,550,414	1,064,964,448	7.94%
Cost of goods sold	(1,031,437,302)	(1,008,041,517)	2.32%
Gross profit	118,113,112	56,922,931
Distribution cost	(17,216,808)	(14,915,149)	15.43%
Administrative expenses	(26,671,853)	(22,725,672)	17.36%
Other operating expenses	(14,523,251)	(419,002)
Finance cost	(25,171,758)	(17,886,733)	40.73%
	(83,583,670)	(55,946,556)	49.40%
Other income	453,767	4,677,117	-90.30%
Profit before taxation	34,983,209	5,653,492
Taxation	(10,853,933)	(5,449,904)	99.16%
Profit after taxation	24,129,276	203,588
Earnings per share - basic and diluted	2.50	0.02

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