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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Posted on: 2024-08-22T15:32:30+05:00
