Thal Limited's annual profits suffer a dip of 35.5%

By MG News | September 13, 2018 at 02:10 PM GMT+05:00

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September 13, 2018 (MLN): Thal Limited’s annual profits for the year ended June 30^th 2018, declined from Rs.5.5 billion to Rs.3.5 billion on year-on-year basis.

The Company’s Board of Directors meeting took place earlier today, in which the board reviewed the financial earnings for the year.

As per the report issued to PSX, Thal’s net revenue soared by 12%, however due to higher cost of sales, the gross profits increased by a much smaller margin of 1.4%.

During the year, the company’s overall expenses grew by 1% while non-core income fell by half, from Rs.4.5 billion to Rs.2.25 billion, YoY. This led to a 35% decline in operating profits.

Due to 8% rise in share of net profit of associates, the pre-tax profits dropped by a smaller margin of 30%.

The overall profits for the year dipped by 35% YoY, while earnings per share for the period have been recorded at Rs.39.14 per share, down by 38% from Rs.63.52 per share.

The company has also declared a final cash dividend at Rs.8.5 per share, i.e. 170%. This is in addition to interim dividends already paid at Rs.5 per share, i.e. 100%.

Financial Results for the year ended June 30th 2018 ('000 Rupees)
	Jun-18	Jun-17	% change
Revenue - net	20,308,071	18,136,903	11.97%
Cost of sales	(16,282,991)	(14,167,064)	14.94%
Gross profit	4,025,080	3,969,839	1.39%
Distribution costs	(225,757)	(192,674)	17.17%
Administrative expenses	(1,616,652)	(1,539,021)	5.04%
Other charges	(271,159)	(360,575)	-24.80%
	(2,113,568)	(2,092,270)	1.02%
Other income	2,257,252	4,503,523	-49.88%
Operating profit	4,168,764	6,381,092	-34.67%
Finance costs	(10,206)	(9,348)	9.18%
Share of net profit of associates - after tax	941,177	871,024	8.05%
Profit before taxation	5,099,735	7,242,768	-29.59%
Taxation	(1,547,656)	(1,740,022)	-11.06%
Profit after taxation	3,552,079	5,502,746	-35.45%
Basic and diluted earnings per share (Rupees)	39.14	63.52	-38.38%

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