GTYR quarterly profit plunges 70%

By 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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