Agriauto Industries suffers Rs84m loss in three months
MG News | September 06, 2024 at 11:46 AM GMT+05:00
September 06, 2024 (MLN): Agriautos Industries Limited (PSX: AGIL) incurred a loss after tax of Rs84.11 million [LPS: Rs2.34] in the April-June quarter, a stark contrast compared to a profit of Rs56.67m [EPS: Rs1.57] in the same period last year (SPLY).
The loss comes despite a jump in sales revenue and improved gross profit.
The company's sales rose 45.7% to Rs1.84bn as compared to Rs1.26bn in SPLY. The gross profit surged 1,121% to Rs73.44m in Q4 FY24.
The gross margins improved substantially to 4.0% as compared to 0.5% in SPLY.
Meanwhile, the company's other income decreased by 72.8% to stand at Rs5.9m in Q4 FY24 as compared to Rs21.67m in SPLY.
On the expense side, the company's administrative expenses rose 34.3% from a year ago to Rs70.16m, and selling and distribution expenses surged 498.8% to Rs31.08m.
The company also incurred finance costs worth Rs49.53m as compared to a fiance income of Rs50.22m in SPLY, mainly due to higher interest rates.
On the tax front, the company paid a higher tax worth Rs12.26m against the tax credit worth Rs42.07m received in the corresponding period of last year, depicting an increase of .
This translates to an effective tax rate of 17.1%.
| Unconsolidated (un-audited) Financial Results for quarter ended June 30, 2024 (Rupees in '000) | |||
|---|---|---|---|
| Jun 24 | Jun 23 | % Change | |
| Sales | 1,841,635 | 1,264,197 | 45.68% |
| Cost of sales | (1,768,195) | (1,258,182) | 40.54% |
| Gross Profit/ (loss) | 73,440 | 6,015 | 1120.95% |
| Administrative Expenses | (70,155) | (52,258) | 34.25% |
| Selling And Distribution Expenses | (31,080) | (5,190) | 498.84% |
| Other Income | 5,900 | 21,667 | -72.77% |
| Other Operating Expenses | (428) | (5,853) | -92.69% |
| Finance Cost | (49,528) | 50,217 | - |
| Profit/ (loss) before taxation | (71,851) | 14,598 | - |
| Taxation | (12,256) | 42,073 | - |
| Net profit/ (loss) for the period | (84,107) | 56,671 | - |
| Basic earnings/ (loss) per share | (2.34) | 1.57 | - |
Amount in thousand except for EPS
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