Thal Industries reports losses of Rs160 mln despite curtailment in taxes

MG News | December 26, 2018 at 05:00 PM GMT+05:00

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December 26, 2018 (MLN): Thal Industries Corporation Limited has reported losses of Rs. 160 million for the year ended September 30, 2018, despite enormous curtailment in taxations as well as substantial increase in the company’s non-core income.

As per the financial earnings report issued to PSX, the losses were brought about due to reduction in top-line earnings by of Rs.814 million or 5.46%. Moreover, increase in the Administrative expenses by 9.73% resulted in a negative operating profit

Furthermore, the unreasonable increase in finance cost also contributed in the losses faced by the company.

Moreover, while NRL made Rs.47.15 per (basic and diluted) share during last year, it reported losses of Rs.10.68 per share for the year ended September 30, 2018.

Profit and loss account for the year ended September 30th 2018
	Sep-18	Sep-17	% Change
Sales - net	14,104,442,769	14,918,562,029	-5.46%
Cost of sales	-13,735,160,627	-13,075,580,613	5.04%
Gross profit	369,282,142	1,842,981,416	-79.96%
Distribution and selling expenses	-147,865,958	-161,752,644	-8.59%
Administrative expenses	-409,129,556	-372,863,199	9.73%
Operating (loss)/profit	-187,713,372	1,308,365,573
Other income	521,020,787	47,787,335	990.29%
Finance cost	-486,448,454	-34,560,834	1307.51%
Notional interest expense on long term advances		-1,361,706
Other expenses	860	-67,660,855
(Loss) / Profit before taxation	-153,140,179	941,522,007
Taxation	-7,310,843	-233,126,667	-96.86%
(Loss) / Profit after taxation	-160,451,022	708,395,340
Earnings / (Loss) per share - basic and diluted	-10.68	47.15

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