14 February 2017 12:02 am
The vein graphite supplier, Bogala Graphite Lanka PLC, nearly doubled its net profit for the quarter ended December 31, 2016 (4Q16) to Rs.24.23 million from Rs.12.44 million recorded during the corresponding quarter in 2015 amid higher top line growth and gains form an income tax reversal.
The earnings per share increased to 26 cents from 13 cents year-on-year (YoY). The company shares were trading at Rs.12.80 at trading close yesterday.
Revenue for the quarter increased to Rs.173.63 million from Rs.154.68 million YoY, while the cost of sales increased to Rs.101.89 million from Rs.90.27 million YoY.
Profit before tax, which stood at Rs.23.28 million compared to Rs.18.23 million YoY, were bolstered by an income tax reversal of little less than Rs.1 million, as opposed to income taxes of Rs.5.78 million YoY.
The company’s asset base was Rs.579.69 million, up from Rs.524.62 million at the start of the financial year, resulting in net assets per share increasing to Rs.3.69 from Rs.2.94 during the same period. For the entire year of 2016, Bogala Graphite posted a net profit of Rs.73.81 million, up from only Rs.155, 810 net profit made in 2015, due to issues with order placements by some traditional clients during the year. In 2014, the company had made Rs.74.46 million in net profits.
Earnings per share for 2016 increased to Rs.0.78 from nil YoY.
Revenue for the year increased to Rs.702.45 million from Rs.582.86 million YoY, while the cost of sales increased to Rs.432.08 million from Rs.396.26 million YoY. Germany’s AMG Mining subsidiary, Graphit Kropfmuhl GMBH, and related party Alterna GK LLC own 89.91 percent of the shares in Bogala Graphite.