GTYR quarterly profit plunges 70%

MG News | October 24, 2024 at 02:43 PM GMT+05:00

0:00

October 24, 2024 (MLN): General Tyre and Rubber Co. of Pakistan Limited (PSX: GTYR) recorded a profit after tax clocked of Rs21.14 million [EPS: Rs0.17] during the July-September quarter, down 69.6% from Rs69.5m [EPS: Rs0.57] in the same period last year (SPLY).

The company's revenue fell 20.2% to Rs3.86bn as compared to Rs4.84bn in SPLY. Its gross profit decreased 17.0% to Rs628.8m in Q1 FY25.

The gross margins, however, improved to 16.3% as compared to 15.6% in SPLY.

During the period under review, other income dipped 53.2% to stand at Rs36.6m in Q1 FY25 as compared to Rs78.14m in SPLY.

On the expense side, the company's administrative expenses fell 10.0% from a year ago to Rs89.68m, selling and distribution expenses fell 12.7% to Rs152.98m, and other operating expenses fell 84.2% to Rs1.99m.

The company’s finance cost fell by 5.0% and stood at Rs393.46m as compared to Rs414.03m in SPLY.

On the tax front, the company paid a lower tax worth Rs8.32m against the Rs71.88m paid in the corresponding period of last year, depicting a fall of 88.4%.

This translates to an effective tax rate of 28.3% as compared to 50.8% in SPLY.

Unconsolidated (un-audited) Financial Results for quarter ended September 30, 2024 (Rupees in '000)
	Sep 24	Sep 23	% Change
Sales	3,864,939	4,842,227	-20.18%
Cost of sales	(3,236,140)	(4,084,840)	-20.78%
Gross Profit/ (loss)	628,799	757,387	-16.98%
Administrative Expenses	(89,675)	(99,634)	-10.00%
Selling And Distribution Expenses	(152,984)	(175,317)	-12.74%
Share Of Profit / (Loss)	2,173	7,438	-70.79%
Other Income	36,598	78,144	-53.17%
Other Operating Expenses	(1,988)	(12,602)	-84.22%
Finance Cost	(393,458)	(414,033)	-4.97%
Profit/ (loss) before taxation	29,465	141,383	-79.16%
Taxation	(8,324)	(71,883)	-88.42%
Net profit/ (loss) for the period	21,141	69,500	-69.58%
Basic earnings/ (loss) per share	0.17	0.57	-

Amount in thousand except for EPS

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	150,398.71 270.15M	-1.06% -1612.55
ALLSHR	90,084.08 469.39M	-0.93% -849.88
KSE30	45,453.36 99.47M	-1.14% -522.50
KMI30	218,271.12 195.05M	-0.92% -2019.44
KMIALLSHR	58,965.48 294.49M	-0.81% -483.69
BKTi	41,775.34 33.94M	-0.76% -317.96
OGTi	31,328.42 11.96M	-0.61% -192.61

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	67,165.00	67,625.00 66,480.00	-15.00 -0.02%
BRENT CRUDE	109.24	109.74 99.08	8.08 7.99%
RICHARDS BAY COAL MONTHLY	112.50	0.00 0.00	6.40 6.03%
ROTTERDAM COAL MONTHLY	113.00	114.50 113.00	-0.40 -0.35%
USD RBD PALM OLEIN	1,175.00	1,175.00 1,175.00	0.00 0.00%
CRUDE OIL - WTI	112.06	113.97 97.50	11.94 11.93%
SUGAR #11 WORLD	14.96	15.50 14.91	-0.33 -2.16%