Thal Industries incurs losses of Rs250 mln after failing to control growing operating expenses
MG News | January 24, 2019 at 12:35 PM GMT+05:00
January 24, 2019 (MLN): Thal Industries Corporation Limited has incurred losses of Rs. 250 million for the quarter ended December 31, 2018, as it failed to match its topline earnings with an absurdly growing operating expenses.
The sales revenue figure of the company nose-dived by 38%, while the major expense heads i.e. Distribution and Administrative expenses went up by 149% and 15% respectively, creating a two-fold impact on the company’s profitability.
Moreover, an increase in Finance costs by 73% also contributed in landing the company in losses.
The company reported its Loss per share at Rs. 16.7 for the said period.
| Profit and loss account for the quarter ended December 31th 2018 | |||
|---|---|---|---|
|
| Dec-18 | Dec-17 | % Change |
| Sales - Net | 1,433,814,451 | 2,340,264,291 | -38.73% |
| Cost of sales | -1,418,088,044 | -1,890,437,509 | -24.99% |
| Gross profit | 15,726,407 | 449,826,782 | -96.50% |
| Distribution and selling expenses | -70,461,340 | -28,203,195 | 149.83% |
| Administrative expenses | -106,009,608 | -91,947,414 | 15.29% |
| Operating (loss) / profit | -160,744,541 | 329,676,173 |
|
| Other income | 38,809,265 | 6,003,458 | 546.45% |
| Finance cost | -110,511,306 | -63,522,217 | 73.97% |
| Other expenses |
| -18,778,862 |
|
| (Loss) / Profit before taxation | -232,446,582 | 253,378,552 |
|
| Taxation | -18,407,796 | -76,013,566 | -75.78% |
| (Loss) / Profit after taxation | -250,854,378 | 177,364,986 |
|
| Earnings Per Share-Basic & Diluted | -16.70 | 11.81 |
|
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