Baluchistan Wheels sees 5.71% drop in profit

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MG News | February 04, 2025 at 01:37 PM GMT+05:00

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February 04, 2025 (MLN): Baluchistan Wheels Limited (PSX: BWHL) earned a profit after tax of Rs114.93 million [EPS: Rs8.62] for the half-year ended December 2024, a decrease of 5.71% compared to last year.

Along with the results, the company announced an interim cash dividend of Rs6 per share for the second quarter ended December 31, 2024, representing 60%.

The company’s turnover for the period increased by 10.92%, reaching Rs1.14 billion compared to Rs1.02bn in the same period of 2023.

However, the cost of sales also saw a rise of 12.37%, which led to an increase in the gross profit to Rs246.04mn from Rs232.12mn in the prior year.

On the expenses front, distribution costs dropped 5.26% to Rs36.45mn, while administrative expenses increased by 7.28% to Rs80.15mn. Other expenses rose by 23.15% to Rs15.08mn.

 The company also significantly reduced its finance costs by 51.83% to Rs1.75mn, reflecting the improved financial standing.

Total operating expenses for the half-year stood at Rs133.43mn, up 3.38% compared to last year.

However, other income surged by 30.82% to Rs81.29mn, boosting the overall profitability before tax.

The company's profit before tax grew by 16.27% to Rs191.77mn, compared to Rs164.93mn last year.

However, taxation expenses saw a sharp rise of 78.53%, totaling Rs76.84mn, mainly due to higher current and prior taxes.

Financial Results for the half year ended December 2024 ('000 Rupees)
   Dec-24 Dec-23 %change
Turnover – net 1,138,177 1,026,080 10.92%
Cost of sales (892,138) (793,959) 12.37%
Gross profit 246,039 232,121  
Distribution cost (36,451) (38,473) -5.26%
Administrative expenses (80,153) (74,716) 7.28%
Other expenses (15,077) (12,243) 23.15%
Finance cost (1,748) (3,629) -51.83%
Total operating expenses (133,429) (129,061) 3.38%
Other income 81,293 62,141 30.82%
Profit before taxation and levy 193,904 165,201 17.37%
Final taxes - Levy (2,138) (274) 680.29%
Profit before taxation 191,766 164,927 16.27%
Taxation (76,838) (43,040) 78.53%
Current Tax (57,747) (53,967) 7.00%
Prior Tax (13,649) 9,447 -244.48%
Deferred Tax (5,442) 1,480 -467.70%
Profit for the period 114,927 121,887 -5.71%
Earnings per share - basic and diluted 8.62 9.14 -5.69%

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