April 29, 2020 (MLN): Systems Limited has earned profits of Rs. 526.8 million (EPS: Rs. 4.31) during the quarter ended March 31, 2020, almost 71% higher as opposed to the earnings of the same period last year.
The growth in earnings was achieved on the back of the rise in topline income by 39% and non-core income by 4.86x. A fall in non-core expenses by 48% also contributed to the overall earnings of the company.
However, the major expense heads such as Distribution and Administrative cost increased by 78% and 48% respectively. On top of that, the finance cost depicted a growth of 104% due to excessing borrowing and higher interest rates, while income tax expense jumped by 73%.
Profit and Loss account for quarter ended March 30, 2020 (Rupees) |
|||
---|---|---|---|
Mar-20 |
Mar-19 |
% Change |
|
Revenue – net |
2,231,850,608 |
1,601,241,891 |
39.38% |
Cost of sales |
1,582,179,058 |
1,114,426,910 |
41.97% |
Gross profit |
649,671,550 |
486,814,981 |
33.45% |
Distribution cost |
80,473,818 |
45,066,369 |
78.57% |
Administrative expenses |
218,590,645 |
147,312,745 |
48.39% |
Other operating expenses |
5,138,241 |
9,866,951 |
-47.92% |
Other income |
202,657,287 |
34,552,454 |
486.52% |
Operating profit |
548,126,134 |
319,121,370 |
71.76% |
Finance cost |
11,197,153 |
5,475,889 |
104.48% |
Profit before taxation |
536,928,981 |
313,645,481 |
71.19% |
Taxation |
10,120,705 |
5,848,074 |
73.06% |
Profit after taxation |
526,808,276 |
307,797,407 |
71.15% |
Earnings per share – basic |
4.31 |
2.78 |
55.04% |
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