GTYR plunges into red in 3MFY27

MG News | October 29, 2026 at 02:17 PM GMT+05:00

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October 29, 2026 (MLN): Ghandhara Tyre and Rubber Company Limited (PSX: GTYR) plunged into the red for the first quarter ended September 30, 2026 (1QFY27 / 3MFY27), posting a net loss of Rs386.76m compared to a net profit of Rs29.16m in the corresponding period of the previous fiscal year.

Reflecting the sharp downturn, basic and diluted loss per share for the three-month period clocked in at Rs3.17, swinging from earnings per share of Rs0.24 reported in 3MFY26.

The negative turnaround came despite a 17% increase in top-line net sales, which rose to Rs4.40bn from Rs3.75bn in the comparative quarter.

However, a steeper 33% surge in the cost of sales to Rs4.21bn (up from Rs3.15bn) severely squeezed margins, causing gross profit to plummet 68% to Rs188.14m compared to Rs593.94m in 3MFY26. As a result, the company's gross profit margin shrank to 4.28% from 15.84% in the year-ago period.

On the operational side, overheads remained elevated relative to gross generation.

Distribution costs increased 18% to Rs207.43m (up from Rs176.08m), while administrative expenses decreased 16% to Rs83.51m (against Rs100.02m) and other expenses fell to Rs299 thousand.

Other income fell 23% to Rs17.15m from Rs22.27m. Unable to absorb the cost escalations, the company slipped into an operating loss of Rs85.94m against an operating profit of Rs335.54m in 3MFY26.

Below the operating line, finance costs stood high at Rs253.40m, despite a 16% decline from Rs302.15m in 3MFY26.

Associate income contributed Rs7.86m, leaving the loss before taxes and levies at Rs331.48m (compared to a profit of Rs41.20m previously).

After accounting for revenue tax of Rs55.11m and a tax charge of Rs169 thousand (against a tax reversal of Rs21.02m in 3MFY26), Ghandhara Tyre and Rubber Company Limited closed the first quarter with a net loss of Rs386.76m

STATEMENT OF PROFIT OR LOSS FOR THREE MONTHS ENDED SEPTEMBER 30, 2026 (Rs.000)
Description	2026	2025	change %
Sales - net	4,398,090	3,748,855	17.3%
Cost of sales	(4,209,948)	(3,154,917)	33.4%
Gross profit	188,142	593,938	-68.3%
Administrative expenses	(83,505)	(100,021)	-16.5%
Distribution cost	(207,425)	(176,084)	17.8%
Other income	17,151	22,270	-23.0%
Other expenses	(299)	(4,568)	-93.5%
(Loss) / Profit from operations	(85,936)	335,535
Finance cost	(253,402)	(302,147)	-16.1%
Operating result less finance cost	(339,338)	33,388
Share of profit of an associated company	7,858	7,810	0.6%
(Loss) / Profit before income tax, revenue taxes and final taxes	(331,480)	41,198
Final tax	-	(387)
Revenue tax	(55,113)	(32,675)	68.7%
(Loss) / Profit before income tax	(386,593)	8,136
Taxation (charged) / reversal	(169)	21,024
(Loss) / Profit for the period	(386,762)	29,160
(Loss) / Earnings per share basic and diluted (Rupees)	(3.17)	0.24

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