Financial Analysis Management of Astro Malaysia Holdings Berhad

This report provides a comprehensive financial analysis of Astro Malaysia Holdings Berhad, a media and entertainment company in Malaysia. The report includes evaluation of financial performance, profitability analysis, liquidity position analysis, efficiency analysis, capital structure analysis, investor return analysis, and analysis of cash flows.

Running head: FINANCIAL ANALYSIS MANAGEMENT
Financial Analysis Management
Name of the Student
Name of the University
Author’s Note

1FINANCIAL ANALYSIS MANAGEMENT
Table of Contents
Company and Market Details..........................................................................................................2
Industry Dynamics and Drivers of Change.....................................................................................3
Evaluation of Financial Performance..............................................................................................5
Profitability Analysis...................................................................................................................5
Liquidity Position Analysis.........................................................................................................7
Efficiency Analysis......................................................................................................................9
Capital Structure Analysis.........................................................................................................11
Investor Return Analysis...........................................................................................................13
Analysis of Cash Flows.................................................................................................................14
References......................................................................................................................................17
Appendix........................................................................................................................................20

2FINANCIAL ANALYSIS MANAGEMENT
Company and Market Details
Astro Malaysia Holdings Berhad is a media and entertainment Company operates in the
regions of Malaysia. More specifically, it can be said that Astro Malaysia Holdings is a
Malaysian and ASEAN consumer and content company (corporate.astro.com.my 2018). In the
recent years, the company has taken strong commitment towards becoming a technology-driven
business organization in the TV, digital, e-commerce and radio space. The company was
established in the year of 1996 and it is headquartered at Technology Park Malaysia, Kuala
Lumpur, Malaysia. The main products of the company are pay television, broadcasting and
publishing. Astro Malaysia Holdings has a customer base of 5.8 million that is considered as the
71% of the total household of Malaysia. The company offers vast range of media and
entertainment spanning across different digital media, television, radio and home shopping to
almost 21 million individuals (corporate.astro.com.my 2018). The major value propositions of
Astro Malaysia Holdings includes the broadcast of 188 TV channels via DTH Satellite TV, OTT
and IPTV platforms; among all these, 60 includes in the brand of Astro and 72 are HD. Apart
from this, the company also offers various other services like HD, PVR, OD, IPTV and many
others. In this context, it needs to be mentioned that the main aim of the company is to originate
and create excellent content for consumption in the different regions of Malaysia. Astro Malaysia
Holdings has won different awards for their different products and services. The company has
won Gold Award in the category of media and entertainment of the Putra Brand Awards for the
last six years. Apart from this, the company has also won Brand of the Year award and Brand
Icon award in the year 2012 and 2013 respectively (corporate.astro.com.my 2018).
The mass media and entertainment industry of Malaysia is considered as a major industry
of the company as it contributes significantly towards the economic development of the country.
The government of Malaysia and the ruling political party control the mass media and
entertainment industry. Thus, all the mass media and entertainment companies of Malaysia need
to acquire business license from the government of the company and the licenses are required to
be renewed at regular period (factsanddetails.com 2018). In most of the cases, the mainstream
mass media is pro-government. Most importantly, the media and entertainment industry of
Malaysia is subject to various legal restrictions. In 1998, the implementation of Communications

3FINANCIAL ANALYSIS MANAGEMENT
and Multimedia Act liberalized acceptable broadcast content. In this context, it needs to be
mentioned that various acts like media and press acts, Internal Security Acts, Control and Import
Acts and others provide the authority to the government of Malaysia to put ban on imported and
domestic materials in the country. Thus, from the above discussion, it can be seen that the
Malaysian mass media industry is sensitive of various legal restrictions that hampers the business
of the mass media companies in the country to some extent (pressreference.com 2018).
Industry Dynamics and Drivers of Change
Industry dynamics refer to the certain means and processes through which changes come
in a particular industry over a period of time with the help of various processes and evolutions. It
needs to be mentioned that the mass media and entertainment industry of Malaysia is going
through some major changes due to the advancements of technology and various others reasons.
Thus, it can be observed that there has been a transformation in the mass media and
entertainment industry of Malaysia from old media to new media (Zavyalova et al. 2012). In the
recent years, it can be observed that the new advanced technology based mass media and
entertainment is challenging the old mass media and entertainment industry. After observing the
mass media and entertainment industry of Malaysia, it can clearly be seen that there has been
many changes in this industry and some major factors are responsible for this change. Thus,
these factors are known as Drivers of Change. In the mass media and entertainment industry of
Malaysia, the existence of some major drivers of change can be seen. It is required for the mass
media and entertainment companies in Malaysia to consider these drivers of changes. They are
discussed in the following discussion (Kotabe and Helsen 2014).
There are four major drivers of change having effects on the business operations of Astro
Malaysia Holdings; they are Consumer Behavior, Regulatory Changes, Technological Changes
and the Effects of different Macroeconomic Conditions. The following discussing shows how
these drivers of change affect the business operations of Astro Malaysia Holdings.
Consumer Behavior: The behavior of consumers towards the products and services of the
company is a major driver of change (Solomon, Russell-Bennett and Previte 2012). Consumer
behavior include various aspects like the willingness to make payment for a product or service,
their preferences related to various contents of media, level of interactivity with the company,

4FINANCIAL ANALYSIS MANAGEMENT
privacy, genre and many others. It can be seen that all these aspects have large impact on the
business model of Astro Malaysia Holding along with their media services, prices, profit margin
and others. For example, the consumers of Malaysia have become fond of the e-media; and
based on this particular preference of the consumers, Astro Malaysia Holdings has had to change
their business model (Schütte and Ciarlante 2016).
Regulatory Changes: As per the earlier discussion, the mass media and entertainment industry
of Malaysia has to comply with various legislative regulations and all these aspects affect the
business operations of Astro Malaysia Holdings (Keane and Donald 2014). This particular driver
of change includes various aspects like privacy regulation, net neutrality, various antitrust
enforcements, copyright enforcement, censorship, regulations related to advertisement, universal
broadcasting regulations and many others. All these aspects have negative impact on the
profitability of the company as the company needs to comply with all these legislative
regulations. In addition, frequent changes can be seen in the legal regulations and it is difficult
for Astro Malaysia Holdings to change the compliance with these regulations on time-to-time
basis. Thus, it is considered as a major driver of change for Astro Malaysia Holdings (Pepinsky
2013).
Technological Changes: Technological change is considered as one of the major drivers of
change having impact on the business operations of Astro Malaysia Holdings. This driver of
change includes some major aspects like ultra HD television, flexible screens, semantic analysis,
advanced technology of power system, ultra broadband services and many others (Jomo 2013).
For this reason, it is required for the company to update themselves with the latest technology in
order to stay in the market. This process affects the profitability of Astro Malaysia Holdings as
the company has to incur large amount of costs while implementing these advance technological
aspects. At the same time, this also brings positive changes in the company as the company has
become able to increase their revenue (Hashim 2015).
Macroeconomics Conditions: This is also considered as a major driver of change. The major
factors of this driver are recession, balance of trade, price of commodity, supply, demand and
many others. These factors are considered as less predictable; but at the same time, they have
drastic impact on the business organizations of the company (Nor, Ibrahim and Rashid 2013).

5FINANCIAL ANALYSIS MANAGEMENT

6FINANCIAL ANALYSIS MANAGEMENT
Evaluation of Financial Performance
Evaluation of financial performance of the business organizations indicates towards the
overall financial condition of the businesses over the years. The evaluation of financial
performance is a useful tool for the investors as they can make investment decisions by
analyzing the trend of financial performance of the companies (Brigham and Houston 2012).
There is not any exception of this fact in case of Astro Malaysia Holdings. The following
discussion shows the evaluation of the financial performance of the company by analyzing the
profitability, liquidity, efficiency, debt position of the company along with the analysis of
investors return.
Profitability Analysis
Gross Profit Ratio
2017 2016 2015 2014 2013
34.50%
35.00%
35.50%
36.00%
36.50%
37.00%
37.50%
38.00%
38.50%
39.00% 38.33% 38.34%
36.13%
36.93%
38.81%
Gross Profit Ratio
Gross Profit Ratio (A/C)
Gross Profit ratio is regarded as a major tool for the profitability analysis of the
companies as indicates the efficiency of the companies in the production and selling of the
products. More specifically, this ratio shows how profitable the products or the services are
(Dilshad 2013). From the above graph, it can be seen that Astro Malaysia Holdings has 38.33%
and 38.34% as gross profit margin in the year 2017 and 2016 . It implies that for every RM of
Astro Malaysia Holdings generates, the company earns 38.33% and 38.34% in profit before the
payment of other business expenses (corporate.astro.com.my 2018). The above graph shows that

7FINANCIAL ANALYSIS MANAGEMENT
there have been fluctuations in this gross profit margin over the five years as 2015 and 2014
witnessed decline in the gross profit. It needs to be mentioned that the main reason behind this
fluctuation in gross profit margin is the decline in sales of Astro Malaysia Holdings. It is evident
from the financial statements of the company that there has been decline in sales in 2015 and
2014 that affected the gross profit margin. Thus, for Astro Malaysia Holdings, some of the major
ways to improve their gross profit margin are th increase in sales, increase in the price, less
discounting and less competition in price.
Net Profit Ratio
2017 2016 2015 2014 2013
8.00%
8.50%
9.00%
9.50%
10.00%
10.50%
11.00%
11.50% 10.99% 11.10%
9.82%
9.35%
9.84%
Net Profit Ratio
Net Profit Ratio (B/C)
Another major profitability measurement tool is the analysis of Net Profit ratio as it
directly measures the percentage of sales is made up of net income. Most importantly, it also
measures the efficiency of the companies in the management of expenses related to the net sales
(Hilton and Platt 2013). The above graph shows that the net profit margin of Astro Malaysia
Holdings in 2017 and 2017 is improved than 2015, 2014 and 2013. However, in 2017 and 2016,
the company has only been able to convert 10.99% and 11.10% of sales in profit respectively
that is not good for a large corporation (corporate.astro.com.my 2018). It needs to be mentioned
that there is a positive connection between gross profit margin and the net profit margin as the
decline in gross profit margin has lowered the net profit margin of the company. In addition,
decrease in sales value along with selling price is also responsible for the decline in net profit
ration for Astro Malaysia Holdings over the five years. Thus, some of the major ways for the

8FINANCIAL ANALYSIS MANAGEMENT
company to increase their net profit margin are the increase in sales and decrease in labor as well
as operation costs.
Liquidity Position Analysis
Times Interest Earned Ratio
2017 2016 2015 2014 2013
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
4.50 4.03
3.22
3.69
2.90 2.82
Times Interest Earned Ratio
Times Interest Earned Ratio
(D/E)
The times interest earned ratio is also known as interest coverage ratio and it is used to
measure the proportionate of income that can be use for the payment of interest expenses. More
specifically, the analysis of this ratio indicates that how many times the company can pay the
interest before income tax (Kirkham 2012.). From the above graph, it can be seen that there has
been a continuous improvements in this particular ration for Astro Malaysia Holdings
(corporate.astro.com.my 2018). In this context, it need to be mentioned that the higher time
interest earned ratio is favorable for the liquidity position of the companies. It can be seen that
Astro Malaysia Holdings has this ratio of over 4 and it indicates that the income of the company
is 4 times higher than its interest expenses for that year. It needs to be mentioned that the
company has been managing their debts in an effective way that leads to the improvement in this
ratio. However, Astro Malaysia Holdings has still scope to improve this ratio further. Some of
the major ways for improving this ratio are increase in the revenue, increase in the total
profitability margin and others.

9FINANCIAL ANALYSIS MANAGEMENT
Quick Ratio
2017 2016 2015 2014 2013
-
0.20
0.40
0.60
0.80
1.00
1.20
1.40
1.60
0.74
0.91
1.04
1.52 1.51
Quick Ratio
Quick Ratio {(A-C)/B}
Business organizations regard Quick Ratio as a major tool to measure the liquidity of
their business. More specifically, it helps in measuring the ability of the companies to pay their
current liabilities in a quick manner. A quick ratio of 2 indicates that the company has twice
many assets as their current liabilities (Holden, Jacobsen and Subrahmanyam, 2014). From the
above graph, it can be observed that there is a decreasing trend in the quick ratio of Astro
Malaysia Holdings from 2013 2017 and it shows the inefficient liquidity position of the
company. In 2017 and 2016, the company has 0.74 and 0.91 quick ration and it indicates that the
company has more current liabilities than their current assets and the company has to sell some
of their fixed assets to pay all of their current liabilities (corporate.astro.com.my 2018). It need to
be mentioned that the main reason behind this weak quick ratio is the lack of quick assets like
cash and accounts receivable to the company. Thus, some of the major ways for Astro Malaysia
Holdings to improve quick ratio are elimination of unproductive assets, decrease in the days of
accounts receivable and timely review of the profitability along with overheads of the company.

10FINANCIAL ANALYSIS MANAGEMENT
Efficiency Analysis
Working Capital Ratio
2017 2016 2015 2014 2013
0.00
0.20
0.40
0.60
0.80
1.00
1.20
1.40
1.60
0.75 0.92 1.04
1.53 1.52
Working Capital Ratio
Working Capital Ratio
(A/B)
It is essential to analyze the financial efficacy of the business organizations and thus,
working capital ratio is regarded as one of the major tools for measuring the financial efficiency.
The analysis of the working capital ratio indicates the ability of the business organizations to pay
off their current liabilities with their current assets (Higgins 2012). From the above graph, it can
be observed that there has been declining trend in the working capital ratio for Astro Malaysia
Holdings. In 2013, 2014 and 2015, this ratio was good as the amount of current assets was more
than the amount of current liabilities. However, in 2016 and 2017, the ratio has become less than
1 that is 0.92 and 0.75 respectively (corporate.astro.com.my 2018). It implies that that now the
company has more current liabilities than current assets and they need to sell some of their assets
to pay off the current liabilities. It needs to be mentioned that increase in the debt position of the
company is the main reason or the decrease in this ratio and there is a need for improvement in
this ratio. Some of the major ways to bring improvement in this ratio are the sweep accounts for
the transfer of funds, paying off the current liabilities and others.

11FINANCIAL ANALYSIS MANAGEMENT
Inventory Turnover ratio
2017 2016 2015 2014 2013
0.00
50.00
100.00
150.00
200.00
250.00
169.10
201.19
218.92
146.82
220.93
Inventory Turnover Ratio
Inventory Turnover Ratio
(C/E)
Another major tool for measuring the efficiency of the companies is the analysis of
inventory turnover ratio as it shows the company’s ability to effectively manage the business
inventory by comparing the cost of goods sold with the average inventory (Chortareas, Girardone
and Ventouri 2013). From the above graph, it can be seen that there has been fluctuations in the
inventory turnover ratio of Astro Malaysia Holdings. It can be seen that from 2015 to 2017, there
has been decline in the inventory turnover ratio of the company. 169.1 as inventory turnover
ratio in 2017 implies that Astro Malaysia Holdings has sold all of their inventory for 169 in the
year. It is a good aspect for the company, but this ratio was better in 2016, 2015 and 2013
(corporate.astro.com.my 2018). The main reason attributed towards the low inventory turnover is
the holding of inventory for too long period. Thus, it can be seen that there is a scope for
improvement for Astro Malaysia Holdings. The major ways to improve the inventory turnover
ratio adoption of automation system, reduction of costs, increase the demand for inventory,
revise in the pricing strategy, elimination of the stagnant inventory, optimization of supply chain,
effective financial forecasting, save in inventory time and others.

12FINANCIAL ANALYSIS MANAGEMENT
Capital Structure Analysis
Debt Ratio
2017 2016 2015 2014 2013
0.88
0.89
0.90
0.91
0.92
0.93
0.90
0.91
0.89
0.91
0.92
Debt Ratio
Debt Ratio (A/B)
Capital structure refers to the distribution of debt and equity for making up the capital
requirement of the companies. In case of capital structure, one major tool for the companies is
the analysis of debt ratio as it measures the total percentage of debts/liabilities of total assets
(Robb and Robinson 2014). From the above graph, it can be seen that there has not been much
fluctuation in the debt ratio of Astro Malaysia Holdings. It can be observed that from 2013 to
2017, the debt ratio has been around 0.90 and it is a good sign for the capital structure for Astro
Malaysia Holdings (corporate.astro.com.my 2018). It implies that Astro Malaysia Holdings has
the ability to pay off all of their debts with their total assets. The main reason attributes towards
the low debt ratio is the less dependency of the company on dents in the capital structure. Some
of the major ways for Astro Malaysia Holdings to further improve their debt ratio are the issue
of additional shares, adoption of the strategy of debt and equity, lease assets, increases in the
total amount of sales and many others. Astro Malaysia Holdings will be able to improve their
debt ratio with the adoption of these strategies.

13FINANCIAL ANALYSIS MANAGEMENT
Debt to Equity Ratio
2017 2016 2015 2014 2013
0.00
2.00
4.00
6.00
8.00
10.00
12.00
8.95
10.24
8.42
10.51
11.63
Debt to Equity Ratio
Debt to Equity Ratio (A/C)
Debt to equity ratio is considered as another major tool for analyzing the capital structure
of the companies. This ration shows the percentage of the financing of the companies coming
from creditors and investors. In this context, it needs to be mentioned that a higher debt to equity
ratio indicates the presence of more credit financing than the investor financing (Jain, Singh and
Yadav 2013). From the above graph, it can be observed that Astro Malaysia Holdings has higher
debt to equity ratio and there have been fluctuations in this particular ratio. It can be seen that
there is a decrease in this ratio in 2017 from 2016 (corporate.astro.com.my 2018). The main
reason for the higher debt to equity ratio is the presence of creditors in the capital structure. It
also implies that the investors are not interested in investing in this company as the company has
not been performing well. The presence of high amount of debts increases the business risk of
Astro Malaysia Holdings as the company has to pay high amount of interest expenses on the
debts. Some of the major remedial actions for Astro Malaysia Holdings are increase in profitable
sales, review of inventory on timely basis, reduction in the dependency on debts, selling the
assets and others.

14FINANCIAL ANALYSIS MANAGEMENT
Investor Return Analysis
Return on Equity (ROE)
2017 2016 2015 2014 2013
0.00
0.20
0.40
0.60
0.80
1.00
1.20
0.99 1.00
0.73 0.73 0.81
Return on Equity
Return on Equity (A/B)
Return on equity ratio helps in the measurement of the ability of the business
organizations in getting profit from the investment of the shareholders. More specifically, this
ration shows how much profit each RM of common shareholders equity generates (Heikal,
Khaddafi and Ummah 2014). From the above graph, it can be seen that Astro Malaysia Holdings
has ROE less than 1 over the period of five years from 2013 to 2017. In 2017 and 2016, the ROE
was 0.99 and 1.00 and it implies that there has not been either rise or decline in the return on the
shareholders investment (corporate.astro.com.my 2018). However, the analysis of the trend of
ROE over 5 years shows that the shareholders have failed to get return from their equity
investment. This particular situation shows the inability of Astro Malaysia Holdings to provide
return on the investment of the equity shareholders. Thus, it is required for the company to take
remedial actions against this situation. Some of the suggested ways to improve ROE are
exhaustion of business, growth in equity, ensure stability in the business, incorporating effective
planning and others.

15FINANCIAL ANALYSIS MANAGEMENT
Earnings per Share (EPS)
2017 2016 2015 2014 2013
-
0.02
0.04
0.06
0.08
0.10
0.12
0.12 0.12
0.10
0.09 0.08
Earnings Per Share
Earnings Per Share (A/C)
Earning per share is considered as a major ratio to measure the amount of net income
earned per share of stock outstanding. More specifically, it can be said that the EPS is the
amount of money that the shareholders should receive in case the earned profit of the company is
distributed among the outstanding shareholders. It needs to be mentioned that there is a positive
connection between ROE and EPS (Driessen, Lin and Phalippou 2012). From the above graph, it
can be observed that Astro Malaysia Holdings has very low EPS over the period of five years
(corporate.astro.com.my 2018). From the observation of the EPS of Astro Malaysia Holdings
over five years, it can be seen that the company has failed to provide the equity investors with
any positive return in their equity investment. It needs to be mention that the main reason behind
the low EPS is the reduction in the profitability of the company. In addition, negative price
earnings ratio is another reason for low EPS for Astro Malaysia Holdings. Thus, it is required for
the company to take remedial actions to revive this situation; they are ensure growth in revenue,
expansion in the profit margin, financial engineering and others as all these aspects are essential
for ensuring the growth in EPS.
Analysis of Cash Flows
In the accounting process of the companies, the statement of cash flow is considered as a
major aspect as it shows how the changes in balance sheet and income statements affects the

16FINANCIAL ANALYSIS MANAGEMENT
cash and cash equivalent of the business organizations. It can be seen that there are there are
three parts in the cash flows; they are cash flow from operating activities, cash from investing
activities and cash flow from financing activities. There is not any exception of this fact in case
of the cash flows of Astro Malaysia Holdings. The following discussion shows the analysis of
cash flow statements of Astro Malaysia Holdings from 2013 to 2017:
Operating Activities: Cash flow from operating activities comprises of net income, noncash
expenses and the changes in working capital. From the analysis of the cash flow of Astro
Malaysia Holdings, it can be seen that the company has positive cash flow from operating in
2017, 2016, 2015 and 2013. However, the company ahs negative cash flow in 2014
(corporate.astro.com.my 2018). This is the positive sign as the company has been able to
generate cash flow from their business operations. It also indicates that Astro Malaysia Holdings
is growing in a perfect pace (Call, Chen and Tong 2013).
Investing Activities: Cash flow from investing activities shows the total amount of sales and
purchase of company’s capital assets. From the analysis of the cash flow statements of Astro
Malaysia Holdings over five years, it can be seen that the company has negative cash flow
investing activities (corporate.astro.com.my 2018). In this aspect, it needs to be mentioned that
negative cash flow from investing activities is a positive sign for the companies. In case of Astro
Malaysia Holdings, it can be seen that the company has purchased more capital assets than
selling them and it is a positive sign that the company is continuously expanding (Lewellen and
Lewellen 2016).
Financing Activities: Cash flow from financing activities reflects the sales and purchase of
stocks and the proceeds from debt financing. From the analysis of the cash flow statements of
Astro Malaysia Holdings, it can be observed that the company has negative cash flow from
financing activities in 2017, 2016, 2015 and 2014 (corporate.astro.com.my 2018). It is a sign for
the healthy business operations of Astro Malaysia Holdings as it implies that the company is
reinvesting their cash inflow from operating activities for the payment of dividends and for the
payment of outside financing (Gitman, Juchau and Flanagan 2015).
From the above discussion, it can be seen that there are both positive and negative aspects
in the cash flow statements of Astro Malaysia Holdings and it implies that there is still scope for

17FINANCIAL ANALYSIS MANAGEMENT
improvements. The following discussion shows the remedial actions that Astro Malaysia
Holdings should undertake for the improvements in cash flows: It is required for Astro Malaysia Holdings to forecast the cash position of the
company on a regular basis in order to make sure that there is sufficient cash for
various purposes of business.
 It is needed for the company to forecast the fact that whether there is any needs for
external funding for the business operations. This particular aspect ensures the source
and implementation of the required facilities for the business organization (Collins,
Hribar, and Tian 2014).
 It is essential for Astro Malaysia Holdings to forecast the short-term cash flows in an
effective manner. At the same time, the company should also require to ensure the
effective forecasting of long-term future cash flows.
 The company is required to forecast the future cash flows at an appropriate level
detail as the modeling of cash flow at a higher level of detail can produce poor results
and can affect the decision-making process of the companies (Disatnik, Duchin and
Schmidt 2013).
 The used assumptions for the planning of cash flows need to be constantly updated so
that the actual trading concisions can be reflected. In addition, they are required to be
easy to amend to produce different scenarios.
 The assumptions are required to be real for the monitoring of cash flow forecasting.
In this process, it is required for the company to monitor the variance between the
forecasted and actual cash flow (Oler and Picconi 2014).

18FINANCIAL ANALYSIS MANAGEMENT
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Appendix
Profitability Ratios
Particulars 2017 2016 2015 2014 2013
Gross Profit Ratio 38.33% 38.34% 36.13% 36.93% 38.81%
Net Profit Ratio 10.99% 11.10% 9.82% 9.35% 9.84%
Efficiency Ratios
Particulars 2017 2016 2015 2014 2013
Working Capital Ratio 0.75 0.92 1.04 1.53 1.52
Inventory Turnover Ratio 169.10 201.19 218.92 146.82 220.93
Liquidity Ratios
Particulars 2017 2016 2015 2014 2013
Times Interest Earned Ratio 4.03 3.22 3.69 2.90 2.82
Quick Ratio 0.74 0.91 1.04 1.52 1.51
Capital Structure Ratios
Particulars 2017 2016 2015 2014 2013
Debt Ratio 0.90 0.91 0.89 0.91 0.92
Debt to Equity Ratio 8.95 10.24 8.42 10.51 11.63
Investors Return Ratios
Particulars 2017 2016 2015 2014 2013
Return on Equity 0.99 1.00 0.73 0.73 0.81
Earnings per Share 0.12 0.12 0.10 0.09 0.08

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