April 29, 2024 (MLN): Hum Network Limited (PSX: HUMNL) recorded a decline of 8.5% YoY in its earnings for the first quarter ended March 2024, earning a profit after tax of Rs678.85 million [EPS: Rs0.6] compared to a profit of Rs741.66m [EPS: Rs0.65] in the same period last year (SPLY).
Going by the results, the company's top line expanded by 32.3% YoY to Rs2.26bn as compared to Rs1.71bn in SPLY.
The cost of sales rose by 16.9% YoY but was lesser than proportionate to sales rise, which improved the gross profit by 50.9% YoY to Rs1.16bn in Q1 2024.
The gross margins improved to 51.51% as compared to 45.14% in SPLY.
On the expense side, the company's administrative expenses rose 10.8% YoY to Rs247.57m, while selling and distribution expenses rose 30.3% YoY to Rs152.88m.
The company’s finance cost fell by 18.1% YoY and stood at Rs8.47m as compared to Rs10.33m in SPLY.
On the tax front, the company paid a higher tax worth Rs70.59m against the Rs51.85m paid in the corresponding period of last year, depicting a rise of 36.2% YoY.
Unconsolidated (un-audited) Financial Results for quarter ended March 31, 2024 (Rupees in '000)
