Hum Network profit jumps 40%
MG News | October 29, 2024 at 03:26 PM GMT+05:00
October 29, 2024 (MLN): Hum Network Limited (PSX: HUMNL) net profit jumped 40.9% to Rs677.47 million [EPS: Rs0.6] during the quarter ending September 2024, from Rs480.86m [EPS: Rs0.42] in the same period last year (SPLY).
The company's revenue rose 8.2% to Rs1.99bn as compared to Rs1.84bn in SPLY.
Moreover, the cost of sales fell by 4.4%, improving the gross profit by 22.8% to Rs1.04bn in Q1 FY25.
The gross margins rose to 52.4% as compared to 46.1% in SPLY.
During the period under review, other income surged 104.3% to stand at Rs109.81m in Q1 FY25 as compared to Rs53.75m in SPLY.
On the expense side, the company's administrative expenses rose 13.6% from a year ago to Rs259.51m, selling and distribution expenses fell 9.6% to Rs119.14m, and other operating expenses rose to Rs0m.
The company’s finance cost marked a decline of 74.9% and stood at Rs1.79m as compared to Rs7.12m in SPLY.
On the tax front, the company paid a higher tax worth Rs93.83m against an expense paid worth Rs53.88m in the corresponding period of last year, an increase of 74.1%.
This translates to an effective tax rate of 12.2% as compared to 10.1% in SPLY.
| Unconsolidated (un-audited) Financial Results for quarter ended September 30, 2024 (Rupees in '000) | |||
|---|---|---|---|
| Sep 24 | Sep 23 | % Change | |
| Sales | 1,989,869 | 1,839,641 | 8.17% |
| Cost of sales | (947,946) | (991,305) | -4.37% |
| Gross Profit/ (loss) | 1,041,923 | 848,336 | 22.82% |
| Administrative Expenses | (259,507) | (228,421) | 13.61% |
| Selling And Distribution Expenses | (119,137) | (131,802) | -9.61% |
| Other Income | 109,808 | 53,745 | 104.31% |
| Finance Cost | (1,789) | (7,118) | -74.87% |
| Profit/ (loss) before taxation | 771,298 | 534,740 | 44.24% |
| Taxation | (93,830) | (53,882) | 74.14% |
| Net profit/ (loss) for the period | 677,467 | 480,858 | 40.89% |
| Basic earnings/ (loss) per share | 0.60 | 0.42 | - |
Amount in thousand except for EPS
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