WAVES's top-line earnings pull up net profits substantially
MG News | October 30, 2018 at 01:54 PM GMT+05:00
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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