Bata Pakistan's Q2 CY24 profit drops 10.2% to Rs256.5m

By MG News | Category Equity | August 22, 2024 at 03:32 PM GMT+05:00

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August 22, 2024 (MLN): Bata Pakistan Limited (PSX: BATA) revealed its earnings for the quarter ended June 30, 2024 (Q2 CY24), wherein the profit after tax clocked dropped to Rs256.5 million [EPS: Rs33.93] compared to a profit of Rs285.66m [EPS: Rs37.79] in Q2 CY23.

According to the results, the company's top line declined by 13.8% YoY to Rs5.04bn as compared to Rs5.85bn in the same quarter last year.

Although the cost of sales also fell by 16.3% YoY, the drop in sales was proportionally greater, which led to a 10.8% YoY decline in gross profit, reducing it to Rs 2.37bn in Q2 2024.

Accordingly, the gross margins improved to 47.1% as compared to 45.5% in SPLY.

On the expense side, the company's administrative expenses rose 6.4% YoY to Rs491.12m during the quarter.

On the other hand, selling and distribution expenses decreased by 6.3% YoY, while other operating expenses fell by 16.17% YoY.

During the period under review, other income grew 54.9% YoY to stand at Rs154.43m in Q2 2024 as compared to Rs99.73m in SPLY.

The company’s finance cost deflated by 11.7% YoY and stood at Rs172.14m as compared to Rs194.84m in SPLY.

On the tax front, the company paid a lower tax worth Rs148.44m against the Rs248.84m paid in the corresponding period of last year, depicting a decrease of 40.4% YoY.

Unconsolidated (un-audited) Financial Results for quarter ended June 30, 2024 (Rupees in '000)
	Jun 24	Jun 23	% Change
Sales	5,039,721	5,846,989	-13.81%
Cost of sales	(2,667,630)	(3,187,771)	-16.32%
Gross Profit/ (loss)	2,372,091	2,659,218	-10.80%
Administrative Expenses	(491,116)	(461,381)	6.44%
Selling And Distribution Expenses	(1,408,563)	(1,502,733)	-6.27%
Net impairment loss on financial assets	(5,330)	(12,487)	-57.32%
Other Income	154,432	99,729	54.85%
Other Operating Expenses	(44,442)	(53,005)	-16.16%
Finance Cost	(172,140)	(194,838)	-11.65%
Profit/ (loss) before taxation	404,932	534,503	-24.24%
Taxation	(148,437)	(248,840)	-40.35%
Net profit/ (loss) for the period	256,495	285,663	-10.21%
Basic earnings/ (loss) per share	33.93	37.79	-

Amount in thousand except for EPS

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