August 16, 2024 (MLN): Agritech Limited (PSX: AGL) recorded an increase of 11.6% YoY in its losses during the second quarter of 2024 amid a decline in its gross margins coupled with higher expense costs.
The company suffered a loss after tax of Rs1.06 billion [LPS: Rs2.50], compared to a loss of Rs952.22 million [LPS: Rs2.24] in the same period last year (SPLY).
Going by the results, the company's sales increased by 6.8% to Rs5.07bn as compared to Rs4.74bn in SPLY.
However, the cost of sales also rose by 13.8% YoY, which worsened the gross profit by 22.4% YoY to Rs713.43m in Q2 2024.
The gross margins fell to 14.1% as compared to 19.4% in SPLY.
During the period under review, other income expanded by 580.2% YoY to stand at Rs299.62m in Q2 2024 as compared to Rs44.05m in SPLY.
On the expense side, the company's administrative expenses surged 100.2% YoY to Rs249.77m, selling and distribution expenses rose 4.4% YoY to Rs158.63m, and other operating expenses fell 100.0% YoY to Rs0.07m.
The company’s finance cost rose by 9.3% YoY and stood at Rs1.72bn as compared to Rs1.58bn in SPLY, mainly due to higher interest rates.
On the tax front, the company paid a lower tax worth Rs56.1m against the Rs105.96m paid in the corresponding period of last year, depicting a decrease of 47.1% YoY.
| Unconsolidated (un-audited) Financial Results for quarter ended June 30, 2024 (Rupees in '000) | |||
|---|---|---|---|
| Jun 24 | Jun 23 | % Change | |
| Sales | 5,065,448 | 4,743,446 | 6.79% |
| Cost of sales | (4,352,019) | (3,824,678) | 13.79% |
| Gross Profit/ (loss) | 713,429 | 918,768 | -22.35% |
| Administrative Expenses | (249,772) | (124,793) | 100.15% |
| Selling And Distribution Expenses | (158,626) | (151,920) | 4.41% |
| Other Income | 299,615 | 44,047 | 580.22% |
| Other Operating Expenses | (71) | (168,149) | -99.96% |
| Finance Cost | (1,723,175) | (1,576,138) | 9.33% |
| Profit/ (loss) before taxation | (1,118,599) | (1,058,185) | 5.71% |
| Taxation | 56,103 | 105,962 | -47.05% |
| Net profit/ (loss) for the period | (1,062,496) | (952,223) | 11.58% |
| Basic earnings/ (loss) per share | (2.50) | (2.24) | – |
Amount in thousand except for EPS
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Posted on: 2024-08-16T16:14:37+05:00
