MS AR 2018 (1)

RESULTS REPORTED IN INTERIM
FINANCIAL STATEMENTS AND
FINAL ACCOUNTS
Sales
Gross profit
Net profit before tax
Taxation
Profit for the year
Debt: Equity Ratio
Current ratio
Interim report results
Annual Result
September Quarter December Quarter March Quarter Complete year
Rupees in
Rupees in
Rupees in
%
%
000’
000’
000’
% Rupees in 000’ %
5,397,104 5,787,798 5,435,373 22,225,842
667,990 12.38% 758,910 13.11% 688,423 12.67% 2,794,412 12.57%
400,175 7.41% 453,236 7.83% 387,057 7.12% 1,603,728 7.22%
94,463 1.75% 138,522 2.39% 60,596 1.11% 313,513 1.41%
305,712 5.66% 314,714 5.44% 326,460 6.01% 1,290,215 5.81%
– – – 0.00 – 0.00 829,000
0.11 : 1
6,942,810 7,106,565 7,433,025 7,466,333
11,737,524 1.35 10,908,909 1.37 9,947,994 1.33 11,130,324
1.32
8,706,814 7,948,347 7,459,093 8,408,467
Analysis of Variation in Results Reported in Interim Financial Statements with the Final Accounts
3 Months Ended September 30, 2017
Gross profit ratio for the 1st Quarter was 12.38 % as
compared to annual GP of 12.57 % which improved due to
increase in sale rates and utilization of low cost raw material.
Net profit before tax was 7.41% as compared to annual
7.22%. The decrease was due to increase in finance costs.
Net profit after tax was 5.66% in 1st Quarter as compared to
5.81% in annual, which was mainly due to tax credit claimed
in last quarter. Current ratio declined due to utilization of
right issue funds.
9 Months Ended March 31, 2018
Gross Profit Ratio was 12.67% as compared to annual GP
of 12.57% and net profit before tax was 6.01% as compared
to annual 5.81%. Margins fell slightly after third quarter due
to increase in average raw material prices and increase in
overhead costs. Similarly Net profit after tax was 6.01% as
compared to 5.81% in annual.
6 Months Ended December 31, 2017
Gross profit ratio for the 2nd Quarter was 13.11 % as
compared to annual GP of 12.57%. The increase in gross
profit in 2nd Quarter was due to availability of low cost
scrap and cheap billet and increase in sale rates. However,
gross profit ratio declined from 2nd quarter onwards due to
increase in average scrap rate. Accordingly net profit before
tax also declined from 7.83% in 2nd Quarter to 7.22% in
annual. Net profit after tax improved in annual accounts due
to claiming of tax credit in last quarter resulting in overall
less tax liability. Current ratio decreased due to utilization of
right issue funds.
Annual Report 2018
77