Systems Limited's profits jump by 71% despite significant rise in finance and tax expense
MG News | April 29, 2020 at 11:24 AM GMT+05:00
April 29, 2020 (MLN): Systems Limited has earned profits of Rs. 526.8 million (EPS: Rs. 4.31) during the quarter ended March 31, 2020, almost 71% higher as opposed to the earnings of the same period last year.
The growth in earnings was achieved on the back of the rise in topline income by 39% and non-core income by 4.86x. A fall in non-core expenses by 48% also contributed to the overall earnings of the company.
However, the major expense heads such as Distribution and Administrative cost increased by 78% and 48% respectively. On top of that, the finance cost depicted a growth of 104% due to excessing borrowing and higher interest rates, while income tax expense jumped by 73%.
| Profit and Loss account for quarter ended March 30, 2020 (Rupees) | |||
|---|---|---|---|
| Mar-20 | Mar-19 | % Change | |
| Revenue - net | 2,231,850,608 | 1,601,241,891 | 39.38% |
| Cost of sales | 1,582,179,058 | 1,114,426,910 | 41.97% |
| Gross profit | 649,671,550 | 486,814,981 | 33.45% |
| Distribution cost | 80,473,818 | 45,066,369 | 78.57% |
| Administrative expenses | 218,590,645 | 147,312,745 | 48.39% |
| Other operating expenses | 5,138,241 | 9,866,951 | -47.92% |
| Other income | 202,657,287 | 34,552,454 | 486.52% |
| Operating profit | 548,126,134 | 319,121,370 | 71.76% |
| Finance cost | 11,197,153 | 5,475,889 | 104.48% |
| Profit before taxation | 536,928,981 | 313,645,481 | 71.19% |
| Taxation | 10,120,705 | 5,848,074 | 73.06% |
| Profit after taxation | 526,808,276 | 307,797,407 | 71.15% |
| Earnings per share - basic | 4.31 | 2.78 | 55.04% |
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