Ghandhara Tyre profit drops 68% in 9MFY25
MG News | April 24, 2025 at 05:21 PM GMT+05:00
April 24, 2025 (MLN): Ghandhara Tyre & Rubber Company Limited (PSX: GTYR) reported a sharp 68.23% decline in profit for the nine months ended March 31, 2025, posting Rs63.79 million compared to Rs200.75m in the same period last year.
The earnings per share (EPS) also decreased significantly, falling from Rs1.65 to Rs0.52, reflecting a challenging period for the company.
Net sales decreased by 7.85% to Rs13.96 billion, compared to Rs15.15bn in the previous year.
Although the company managed to reduce the cost of sales by 5.76% to Rs11.99bn, the decline in sales resulted in an 18.78% drop in gross profit, which stood at Rs1.97bn.
Administrative expenses increased by 17.43% to Rs365.31m, while distribution costs saw a decrease of 8.85%, amounting to Rs540.77m.
Other income also dropped by 30.2% to Rs86.11m, further affecting the company's bottom line.
Profit from operations fell by 30.71% to Rs1.11bn, compared to Rs1.61bn in the corresponding period last year.
Finance costs were reduced by 18.72% to Rs1.03bn, offering some relief. However, profit before income tax dropped by a significant 96.83%, standing at Rs8.88m, down from Rs280.22m in the previous year.
The company also recorded a taxation reversal of Rs54.9m, contributing to the overall profit after tax of Rs63.79m.
| Financial Result For The Nine Months Ended March 31, 2025 (Rupees '000) | |||
| Description | Mar-25 | Mar-24 | %Change |
| Sales - net | 13,961,115 | 15,149,658 | -7.85% |
| Cost of sales | (11,991,056) | (12,724,153) | -5.76% |
| Gross profit | 1,970,059 | 2,425,505 | -18.78% |
| Administrative expenses | (365,305) | (311,085) | 17.43% |
| Distribution cost | (540,769) | (593,288) | -8.85% |
| Other income | 86,108 | 123,360 | -30.20% |
| Other expenses | (35,624) | (36,029) | -1.12% |
| Profit from operations | 1,114,469 | 1,608,463 | -30.71% |
| Finance cost | (1,032,357) | (1,270,138) | -18.72% |
| Share of profit / (loss) of an associated company | 8,490 | (872) | |
| Profit before income and revenue taxes | 90,602 | 337,453 | -73.15% |
| Revenue tax | (81,720) | (57,229) | 42.79% |
| Profit before income tax | 8,882 | 280,224 | -96.83% |
| Taxation reversal / (charge) | 54,904 | (79,479) | -169.08% |
| Profit for the period | 63,786 | 200,745 | -68.23% |
| Share of other comprehensive (loss) / income of an associated company | (91) | 7,823 | |
| Total comprehensive income for the period | 63,695 | 208,568 | -69.46% |
| Earnings per share (basic and diluted) | 0.52 | 1.65 | -68.48% |
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