Waves Singer posts unprecedented profit growth for half year

MG News | August 30, 2018 at 03:22 PM GMT+05:00

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Waves Singer Pakistan Limited’s consolidated profits for the half-year ending June 30, 2018 rose by about 262% over the year as the company posted profits of about Rs 237.6 million, compared to profits of Rs 65.6 million posted a year ago on June 30, 2017.

Gross Sales shot up to 5.47 billion from 1.26 billion a year ago, a remarkable increase of 333%, while cost of sales rose by 384%, leading to a gross profit growth of 231% over the year.

Due to increased expenses related to marketing, selling and distribution coupled with higher administrative costs for the firm, profit from operations shot up less than the growth witnessed in gross profits as operational profits rose by 170% compared to gross profit growth of 231%.

Both finance costs and taxation charged to the firm increased over the year.

The company also declared a profit per share of Rs 1.68 this year, compared to Rs 1.44 last year as on June 30, 2017.

Financial results for the half year ended June 30th 2018 (Rupees in 'ooo)
	Jun-18	Jun-17	% Change
Gross Sales	5,477,464	1,264,478	333.18%
Sales tax and trade discount on invoices	(974,757)	(209,342)	365.63%
Sales - net	4,502,707	1,055,136	326.74%
Cost of sales	(3,190,512)	(658,873)	384.24%
Gross profit	1,312,195	396,263	231.14%
Marketing, selling and distribution cost	(648,360)	(237,144)	173.40%
Administrative expenses	(200,069)	(22,746)	779.58%
Other expenses	(48,273)	(16,158)	198.76%
Other income	9,516	36,803	-74.14%
Profit from operations	425,009	157,018	170.68%
Earned carrying charges	76,681	34,712	120.91%
Finance cost	(200,577)	(82,808)	142.22%
Profit before taxation	301,113	108,922	176.45%
Taxation	(63,475)	(43,318)	46.53%
Profit for the period	237,638	65,604	262.23%
Profit per share- basic and diluted	1.68	1.44	16.67%

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