GATM takes a hit with 41.6% YoY dip in net profits in 1HFY23
MG News | February 27, 2023 at 12:19 PM GMT+05:00
February 27, 2023 (MLN): The bottom line of Gul Ahmed Textile Mills Limited (PSX: GATM) shrank by 41.60% YoY to Rs2.17 billion (EPS: Rs3.53) in 1HFY23, compared to Rs4.72bn in the same period last year.
The drop in profitability is attributed to higher finance cost which has surged by 92% YoY to Rs2.6bn in 1HFY23.
Going by the financial statement, the net sales of the company clocked in at Rs62bn, observing an increase of only 9.42% YoY while the cost of sales jumped by over 13% YoY to Rs50bn in the review period. As a result, the gross margins of the company squeezed to 18.44% in 1HFY23 from 21.1% in 1HFY22.
On the cost front, the company’s operating cost was recorded at Rs6.57bn compared to Rs6bn in the same period last year.
Among other line items, the other income of the company has increased by 4.8x YoY in 1HFY23.
During the period, the company paid Rs1.13bn compared to Rs989.43mn in 1HFY22.
|
Consolidated Profit and Loss statement for the half year ended December 31, 2022 ('000 Rupees) |
|||
|---|---|---|---|
|
Dec-22 |
Dec-21 |
% Change |
|
|
Sales |
62,113,549 |
56,764,536 |
9.42% |
|
Cost of sales |
(50,659,571) |
(44,784,441) |
13.12% |
|
Gross profit |
11,453,978 |
11,980,095 |
-4.39% |
|
Other operating cost |
(6,566,677) |
(6,096,170) |
7.72% |
|
(6,566,677) |
(6,096,170) |
7.72% |
|
|
4,887,301 |
5,883,925 |
-16.94% |
|
|
Other income |
1,078,215 |
220,749 |
388.43% |
|
Operating profit |
5,965,516 |
6,104,674 |
-2.28% |
|
Finance costs |
(2,656,173) |
(1,384,490) |
91.85% |
|
Profit before income tax |
3,309,343 |
4,720,184 |
-29.89% |
|
Income tax |
(1,130,701) |
(989,342) |
14.29% |
|
Profit after income tax |
2,178,642 |
3,730,842 |
-41.60% |
|
Earnings per share - basic and diluted (Rupees) |
3.53 |
6.05 |
-41.65% |
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