Gul Ahmed profit falls 40% in first quarter
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
Copyright Mettis Link News
Related News
| Name | Price/Vol | %Chg/NChg |
|---|---|---|
| KSE100 | 170,330.56 209.36M | 0.81% 1376.85 |
| ALLSHR | 102,776.00 765.10M | 0.85% 863.00 |
| KSE30 | 50,737.15 66.77M | 0.77% 386.66 |
| KMI30 | 243,202.84 63.94M | 0.72% 1744.16 |
| KMIALLSHR | 66,614.20 338.53M | 0.70% 461.96 |
| BKTi | 46,313.18 13.24M | 1.10% 505.34 |
| OGTi | 35,066.80 5.64M | 0.45% 158.54 |
| Symbol | Bid/Ask | High/Low |
|---|
| Name | Last | High/Low | Chg/%Chg |
|---|---|---|---|
| BITCOIN FUTURES | 61,395.00 | 62,095.00 61,365.00 | -775.00 -1.25% |
| BRENT CRUDE | 92.20 | 93.26 91.66 | 0.75 0.82% |
| RICHARDS BAY COAL MONTHLY | 123.75 | 124.00 123.75 | -1.25 -1.00% |
| ROTTERDAM COAL MONTHLY | 133.20 | 133.40 133.00 | -3.55 -2.60% |
| USD RBD PALM OLEIN | 1,157.50 | 1,157.50 1,157.50 | 0.00 0.00% |
| CRUDE OIL - WTI | 88.88 | 90.00 88.28 | 0.68 0.77% |
| SUGAR #11 WORLD | 14.14 | 14.23 13.97 | 0.02 0.14% |
Chart of the Day
Latest News
Top 5 things to watch in this week
Pakistan Stock Movers
| Name | Last | Chg/%Chg |
|---|
| Name | Last | Chg/%Chg |
|---|