GTYR quarterly profit plunges 70%

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

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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

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