Gul Ahmed profit falls 40% in first quarter

By MG News | October 28, 2024 at 09:57 AM GMT+05:00
October 28, 2024 (MLN): Gul Ahmed Textile Mills Limited (PSX: GATM) posted a 40.2% decline in its net profit during the quarter ending September 2024 despite higher revenue.
The company earned a profit after tax of Rs356.94 million [EPS: Rs0.48] during Q1 FY25 compared to Rs596.79m [EPS: Rs0.81] recorded in the same period last year (SPLY).
Its shares slumped over 5% during intraday trade Monday.
The decline comes despite a higher revenue of Rs42.08bn as compared to Rs35.64bn in SPLY.
That was because the cost of sales surged by 21.7%, worsening the gross profit by 10.5% to Rs3.57bn in Q1 FY25.
Its gross margins fell to 8.5% as compared to 11.2% in SPLY.
During the period under review, other income marked an increase of 87.2% to stand at Rs943.81m in Q1 FY25 as compared to Rs504.26m in SPLY.
On the expense side, the company's administrative expenses fell 0.3% from a year ago to Rs947.02m, selling and distribution expenses rose 48.4% to Rs1.1bn, and other operating expenses fell 48.0% to Rs47.61m.
The company’s finance cost skyrocketed by 9.5% and stood at Rs1.74bn as compared to Rs1.59bn in SPLY, mainly due to higher interest rates.
On the tax front, the company paid a lower tax worth Rs315.22m against an expense paid worth Rs521.35m in the corresponding period of last year, a fall of 39.5%.
This translates to an effective tax rate of 46.9% as compared to 46.6% in SPLY.
Unconsolidated (un-audited) Financial Results for quarter ended September 30, 2024 (Rupees in '000) | |||
---|---|---|---|
Sep 24 | Sep 23 | % Change | |
Sales | 42,078,103 | 35,641,767 | 18.06% |
Cost of sales | (38,509,492) | (31,652,884) | 21.66% |
Gross Profit/ (loss) | 3,568,611 | 3,988,883 | -10.54% |
Administrative Expenses | (947,022) | (949,430) | -0.25% |
Selling And Distribution Expenses | (1,104,047) | (743,861) | 48.42% |
Other Income | 943,806 | 504,259 | 87.17% |
Other Operating Expenses | (47,605) | (91,562) | -48.01% |
Finance Cost | (1,741,584) | (1,590,148) | 9.52% |
Profit/ (loss) before taxation | 672,159 | 1,118,141 | -39.89% |
Taxation | (315,224) | (521,354) | -39.54% |
Net profit/ (loss) for the period | 356,935 | 596,787 | -40.19% |
Basic earnings/ (loss) per share | 0.48 | 0.81 | - |
Amount in thousand except for EPS
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