Poly Medicure (531768) Q4 01/02 earnings summary

Executive summary

• FY 2001-02 sales reached Rs. 304.92 million versus Rs. 177.82 million; profit after tax was Rs. 28.55 million versus Rs. 17.86 million.

• Higher production drove results; the expansion project was commissioned, with full benefits expected in FY 2002-03.

Financial highlights

• Total income was Rs. 307.93 million versus Rs. 180.13 million; operating profit was Rs. 64.28 million versus Rs. 40.89 million.

• Profit before tax was Rs. 36.73 million versus Rs. 19.04 million; profit after tax was Rs. 28.55 million versus Rs. 17.86 million.

• Current tax was Rs. 1.90 million and deferred tax expense Rs. 6.28 million; basic EPS was Rs. 6.15 versus Rs. 3.91.

• Export earnings were Rs. 165.10 million versus Rs. 85.20 million; foreign-exchange outgo was Rs. 78.90 million versus Rs. 51.60 million.

Outlook and guidance

• FY 2002-03 expected to benefit from stabilization of newly installed capacity; management anticipated higher turnover and surplus despite competition.

• Further expansion plans were in progress after commissioning the prior expansion project.