Thal Industries reports losses of Rs160 mln despite curtailment in taxes
By MG News | December 26, 2018 at 05:00 PM GMT+05:00
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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