WAVES’s top-line earnings pull up net profits substantially

October 30, 2018 (MLN): Waves Singer Pakistan Limited (WAVES) has announced its consolidated profits for the nine months ended September 30, 2018, at Rs.305 million, (EPS: Rs.1.87 per share, up by 46%) marking an outstanding improvement on a year on year basis, owing to considerably higher top-line earnings.

The company’s financial earnings report shows that net sales grew by 127% (to Rs.5.9 billion) while the gross profits logged in at Rs.1.7 billion (+108%).

Although WAVES’s overall expenses demonstrated significant growth, the operating profits still rose by 87%, being recorded at Rs.572.8 million.

Moreover, after accounting for further expenses such as finance costs and taxation, the company still managed to pull through with decent gain in profit.

Consolidated profit and loss statement for the nine months ended September 30, 2018 ('000 Rupees)

 

Sep-18

Sep-17

% Change

Sales – net

                           5,923,331

                           2,601,767

127.67%

Cost of sales

                        (4,187,455)

                        (1,768,688)

136.75%

Gross (loss)/profit

                           1,735,876

                              833,079

108.37%

Marketing, selling and distribution cost

                            (881,032)

                            (473,958)

85.89%

Administrative expenses

                            (243,397)

                              (90,845)

167.93%

Other expenses

                              (54,762)

                              (19,023)

187.87%

Other income

                                 16,147

                                 55,852

-71.09%

Profit from operations

                              572,832

                              305,105

87.75%

Earned carrying charges

                              122,017

                                 63,323

92.69%

Finance cost

                            (307,641)

                            (196,104)

56.88%

Profit before taxation

                              387,208

                              172,324

124.70%

Taxation

                              (81,779)

                              (58,313)

40.24%

Profit for the period

                              305,429

                              114,011

167.89%

Earnings per share – basic and diluted (Rupees)

                                     1.87

                                     1.28

46.09%

 

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Posted on: 2018-10-30T13:54:00+05:00

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