Tax rebates save the day for Power Cement yet again
MG News | October 28, 2019 at 03:00 PM GMT+05:00
October 28, 2019 (MLN): Power Cement Limited (POWER) has declared Profit after tax of Rs. 7.9 million for the quarter ended September 30, 2019, suggesting a decline of 27.8% against the earnings of same period last year.
It is worthwhile to note that the company actually incurred losses of Rs. 290 million, before tax benefits saved the progress.
The company witnessed a 34.6% decline in topline earnings, and a 16.3% decline in cost of sales. These changes resulted in an overall gross losses of Rs. 96.2 million.
Fortunately, tax rebates worth Rs. 297 million turned the company’s losses into profits, which were still less than the profits of previous year.
| Profit and Loss Account for the quarter ended September 30, 2019 ('000 Rupees) | |||
|---|---|---|---|
| Sep-19 | Sep-18 | % Change | |
| Sales - net | 583,023 | 892,112 | -34.65% |
| Cost of sales | (679,292) | (812,455) | -16.39% |
| Gross (loss) / profit | (96,269) | 79,657 | |
| Selling and distribution expenses | (35,609) | (34,034) | 4.63% |
| Administrative expenses | (46,211) | (39,041) | 18.37% |
| Other income | 50 | 29 | 72.41% |
| Other operating expenses | 12,267 | (24,661) | |
| Operating loss | (165,772) | (18,050) | 818.4% |
| Finance income | 5,017 | 964 | 420.44% |
| Finance costs | (129,295) | (43,120) | 199.85% |
| Finance costs - net | (124,278) | (42,156) | 194.81% |
| Loss before taxation | (290,050) | (60,206) | 381.76% |
| Taxation | 297,966 | 71,179 | 318.62% |
| Profit after taxation | 7,916 | 10,973 | -27.86% |
| Earnings per share - basic and diluted (Rupees) | 0.007 | 0.01 | -30.00% |
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