Hi-Tech Lubricants posts Rs52.5m profit in Apr-Jun
MG News | September 23, 2024 at 09:46 AM GMT+05:00
September 23, 2024 (MLN): Hi-Tech Lubricants Limited (PSX: HTL) posted a profit after tax of Rs52.48 million [EPS: Rs0.38] in the quarter ending June 2024 as sales doubled. For the whole fiscal year 2023-24, the company earned Rs111.4m.
That compares to a loss of Rs214.86m [LPS: Rs1.54] incurred in the same period last year (SPLY) and a loss of Rs93.41m in FY23.
Going by the quarterly results, the company's revenue surged 107.0% to Rs8.31bn as compared to Rs4.02bn in SPLY.
The cost of sales also rose by 111.0% but was lesser than proportionate to sales rise, which improved the gross profit by 63.8% to Rs566.29m in Q4 FY24.
The gross margins, however, fell to 6.8% as compared to 8.6% in SPLY.
During the period under review, other income grew 82.7% to stand at Rs148.7m in Q4 FY24 as compared to Rs81.4m in SPLY.
On the expense side, the company's administrative expenses fell 12.8% from a year ago to Rs190.07m, while selling and distribution expenses decreased 16.4% to Rs313.22m.
The company’s finance cost declined by 13.8% and stood at Rs142.86m as compared to Rs165.78m in SPLY, likely ue to a fall in borrowing costs.
On the tax front, the company received a tax credit worth Rs19.07m against the tax expense of Rs95.91m paid in the corresponding period of last year.
| Unconsolidated (un-audited) Financial Results for quarter ended June 30, 2024 (Rupees in '000) | |||
|---|---|---|---|
| Jun 24 | Jun 23 | % Change | |
| Sales | 8,313,602 | 4,017,171 | 106.95% |
| Cost of sales | (7,747,314) | (3,671,536) | 111.01% |
| Gross Profit/ (loss) | 566,288 | 345,634 | 63.84% |
| Administrative Expenses | (190,070) | (218,065) | -12.84% |
| Selling And Distribution Expenses | (313,217) | (374,575) | -16.38% |
| Other Income | 148,705 | 81,404 | 82.67% |
| Other Operating Expenses | (35,439) | 20,607 | - |
| Finance Cost | (142,862) | (165,782) | -13.83% |
| Profit/ (loss) before taxation | 33,405 | (310,777) | - |
| Taxation | 19,071 | 95,915 | -80.12% |
| Net profit/ (loss) for the period | 52,477 | (214,862) | - |
| Basic earnings/ (loss) per share | 0.38 | (1.54) | - |
Amount in thousand except for EPS
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