Air Link Communication profit falls 45%

MG News | October 28, 2024 at 03:42 PM GMT+05:00

0:00

October 28, 2024 (MLN): Air Link Communication Limited (PSX: AIRLINK) posted a 44.6% decline in first-quarter profits as its expenses jumped.

The company earned a profit after tax of Rs351.76 million [EPS: Rs0.89] during the quarter ending September 2024, down 44.6% from the profit of Rs634.83m [EPS: Rs1.66] in the same period last year (SPLY).

Revenue fell 6.9% to Rs13.14bn as compared to Rs14.12bn in SPLY.

However, the cost of sales also decreased by 7.5%, which improved the gross profit by 0.4% to Rs1.11bn in Q1 FY25.

The gross margins rose to 8.4% as compared to 7.8% in SPLY.

During the period under review, other income jumped notably by 473.0% to stand at Rs85.03m in Q1 FY25 as compared to Rs14.84m in SPLY.

On the expense side, the company's administrative expenses rose 30.3% from a year ago to Rs264.02m, selling and distribution expenses rose 95.6% to Rs92.46m, and other operating expenses rose to Rs32.09m.

The company’s finance cost inflated by 73.1% and stood at Rs347.87m as compared to Rs200.94m in SPLY, mainly due to higher interest rates.

On the tax front, the company paid a higher tax worth Rs106.68m against an expense paid worth Rs34.44m in the corresponding period of last year, a rise of 209.8%.

This translates to an effective tax rate of 23.3% as compared to 5.1% in SPLY.

Unconsolidated (un-audited) Financial Results for quarter ended September 30, 2024 (Rupees in '000)
	Sep 24	Sep 23	% Change
Sales	13,138,457	14,115,311	-6.92%
Cost of sales	(12,028,600)	(13,010,058)	-7.54%
Gross Profit/ (loss)	1,109,857	1,105,253	0.42%
Administrative Expenses	(264,019)	(202,620)	30.30%
Selling And Distribution Expenses	(92,460)	(47,263)	95.63%
Other Income	85,026	14,838	473.04%
Other Operating Expenses	(32,091)	-	-
Finance Cost	(347,866)	(200,938)	73.12%
Profit/ (loss) before taxation	458,447	669,270	-31.50%
Taxation	(106,684)	(34,440)	209.77%
Net profit/ (loss) for the period	351,762	634,830	-44.59%
Basic earnings/ (loss) per share	0.89	1.66	-

Amount in thousand except for EPS

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