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

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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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