Baluchistan Wheels sees 5.71% drop in profit
MG News | February 04, 2025 at 01:37 PM GMT+05:00
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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