April 15, 2020 (MLN): Engro Polymer and Chemicals Limited has declared the financial results for the first quarter ended March 31, 2020, which shows a profit after tax figure of Rs. 192.8 million (EPS: Rs. 0.21) i.e. 82% lower than the PAT of the same period last year.
According to a research report by BIPL Securities, the profits declined on the back of a fall in revenue by 24%, which was partially caused by the plant closure. higher fuel charges and a 1.8x increase in finance cost also dented the profitability of the company.
A decline in demand from the construction as well as the textile sector also took a toll on the company’s performance.
Consolidated Profit and Loss Account for the Quarter ended March 31, 2020 ('000 Rupees) |
|||
---|---|---|---|
2020 |
2019 |
% Change |
|
Net revenue |
7,057,942 |
9,343,634 |
-24.46% |
Cost of sales |
(5,806,680) |
(7,428,573) |
-21.83% |
Gross profit |
1,251,262 |
1,915,061 |
-34.66% |
Distribution and marketing expenses |
(72,325) |
(93,489) |
-22.64% |
Administrative expenses |
(113,924) |
(119,375) |
-4.57% |
Other operating expenses |
(538,283) |
(124,665) |
331.78% |
Other income |
445,509 |
212,456 |
109.69% |
Operating profit |
972,239 |
1,789,988 |
-45.68% |
Finance cost |
(767,660) |
(268,364) |
186.05% |
Profit before taxation |
204,579 |
1,521,624 |
-86.56% |
Taxation |
(11,739) |
(427,466) |
-97.25% |
Profit for the period |
192,840 |
1,094,158 |
-82.38% |
Earnings per share – basic and diluted (Rupees) |
0.21 |
1.20 |
-82.50% |
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