Higher Finance cost declined GATM Profitability

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Gul Ahmed Textile Mills Limited (PSX: GATM) has unveiled its financial results for the Nine Months ended March 31, 2020, as per results, the company has observed massive decline in its net profits by around 78% YoY to Rs 616.6 Million (EPS: Rs 1.44).

However, for the Quarter ended period the company has announced Loss After Tax worth Rs. 452.6 Mn along with the Loss Per Share worth of Rs. 1.06.

The Net sales of the company inched up by 11% to Rs. 46.6 Bn as compared to the last year. The cost of sales increased by 19.2% that has ultimatley effected the company Gross Profit by 12% for the Nine Months period.

On the cost front, the Operation cost jumped by 6% YoY. Meanwhile, the finance cost went up by 45% YoY, Rs 1.43 Billion.

On the other hand, the other income of the company declined by 15% YoY to Rs 453.8 Million.

GATM – 3rd Quarter

Quarter ended

LPS 2020 = (1.06) PKR
EPS 2019 = 1.53 PKR

Nine Months Ended

EPS 2020 = 1.44 PKR
EPS 2019 = 6.53 PKR

Cash Dividend = NIL
Bonus Share = NIL

Also Read: Gul Ahmed Profitability declined in Half Year