GTYR quarterly profit plunges 70%
MG News | October 24, 2024 at 02:43 PM GMT+05:00
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
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