Equity shareholders felt the impact of sudden drop in net income when their earnings received per share was reduced by 80% from 2018 EPS of 20.25 to 4.16 this year. Financing costs that escalated by 500% were the major reason that brought such a huge decline in net income.
While the Company incurred a loss due to impairment on its financial assets this year of Rs. 22 thousand it also saw an increase in the fair value of its biological assets by 38% adding to the profit this year. Another reason for the decline in net income was the decline in Gross Profit as the cost of inventory sold had risen by 54% from last year’s Rs. 24 million exceeding the increase in revenue which had risen by 30% only to Rs. 43 million this year.
The portion of net income attributed to equity shareholders remained stable this year. However the non-controlling interest saw an increase from having 0.7% share to 2.2% share this year of net income.
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