Ghandhara Automobiles reports Rs258.8m loss in FY24

September 26, 2024 (MLN): Ghandhara Automobiles Limited (PSX: GAL) reported a loss of Rs258.81 million [LPS: Rs4.54] in FY24, compared to a profit of Rs63.7m [EPS: Rs1.12] during the same period last year (SPLY).

Going by the results, the company's top line plunged by 46.3% to Rs5.39bn, the primary reason for a negative bottom line.

The cost of sales also fell by 45.2%, but as the drop in sales was significantly higher, the gross profit declined by 62.5%, reaching Rs238.7m in FY24.

Accordingly, the gross margins worsened to 4.4% as compared to 6.3% in SPLY.

Further negativity emerged for GAL as its other income slipped by 32% to stand at Rs283.59m in FY24 as compared to Rs417.04m in FY23.

On the expense side, the company's administrative expenses rose 6.3% YoY to Rs274.83m.

On the other hand, distribution costs and other operating expenses fell 23.1% and 77.7%, respectively.

The company’s finance cost soared by 18.8% and stood at Rs349.36m as compared to Rs294.2m in SPLY, mainly due to higher interest rates.

On the tax front, the company paid a lower tax worth Rs6.62m against the Rs179.58m paid in the corresponding period of last year, depicting a decrease of 96.3%.

Amount in thousand except for EPS

Copyright Mettis Link News