Kanco Tea & Industries Reports Negative Performance
Kanco Tea & Industries, a microcap company in the tea/coffee industry, recently declared its financial results for the quarter ended September 2023. According to the report, the company's net sales saw a growth of 36.32% compared to the previous quarter, but it was a significant decrease of 814.46% compared to the same quarter last year.
The consolidated net profit also saw a decline of 0.89% compared to the previous quarter, and a significant decrease of 121.50% compared to the same quarter last year. The operating profit (PBDIT) excluding other income also saw a growth of 55.43% compared to the previous quarter, but a decrease of 122.26% compared to the same quarter last year.
The company's interest expenses also saw a significant increase of 68.00% compared to the previous quarter, and a slight increase of 8.70% compared to the same quarter last year. However, the operating profit margin (excluding other income) showed improvement compared to the previous quarter.
Despite the growth in net sales, Kanco Tea's financial performance for the quarter ended September 2023 was negative. The company's score has fallen from -10 to -18 in the last three months, indicating a decline in its financial health.
The financial report also highlights some areas that are not working for Kanco Tea. The profit after tax (PAT) for the half-yearly period has shown a significant decline of 81.03% compared to the same period last year. The net sales for the quarter have also seen a decline of 33.36% compared to the same quarter last year. The profit before tax (PBT) excluding other income has also shown a decline of 83.61% compared to the same quarter last year. Additionally, the company's operating cash flow for the last three years has been the lowest at Rs 12.12 crore, indicating a decrease in cash revenues from business operations.
In conclusion, Kanco Tea & Industries has reported negative financial performance for the quarter ended September 2023. The company's net sales and profits have seen a decline, and its overall financial health has deteriorated in the last three months.
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