Agritech suffers Rs1.06bn loss in three months

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MG News | August 16, 2024 at 04:14 PM GMT+05:00

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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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