Tax rebates save the day for Power Cement yet again

MG News | October 28, 2019 at 03:00 PM GMT+05:00

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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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