The company announced a cash dividend of
Net sales decreased by 47%y/y to
Gross margins weakened by ~400bps y/y to 8.0% attributed to rising costs from PKR depreciation. However, despite stable exchange rate on sequential basis, margins suffered 100bps drop which we think is due to lower sales in high margin segment.
Other income failed to support profitability witnessing 49%y/y decrease attributed to drop in short term investments, stemming from declining advances.
Effective tax rate for the 2QFY20 stood at 30% as against 32% in the corresponding period last year.
© Pakistan Press International, source