Interloop reports 85% profit drop in H1 FY2024
MG News | February 19, 2025 at 02:26 PM GMT+05:00
February 19, 2025 (MLN): Interloop Limited (PSX, ILP) reported an 85% year-on-year decline in net profit for the half-year ended December 31, 2024.
The company's profit dropped to Rs1.48 billion, down from Rs9.86bn in the same period last year, primarily due to a significant rise in production costs and operating expenses.
Despite an 18.06% increase in net sales to Rs87.35bn, a sharp 36.82% rise in the cost of sales to Rs70.26bn squeezed profitability, leading to a 24.49% decline in gross profit to Rs17.08bn.
Operating expenses also increased, with distribution costs surging by 46.65% and administrative expenses rising by 16.14%, bringing total operating expenses to Rs9.45bn, up 16.11% year-on-year.
While other income grew by 71.44%, profit from operations fell by 47.68% to Rs8.2bn due to rising costs.
Finance costs also climbed by 15.94% to Rs5.56bn, further pressuring earnings.
Additionally, a steep 552.74% rise in income tax expenses to Rs153 million contributed to an 83.44% decline in pre-tax profit to Rs1.63bn.
Consequently, earnings per share (EPS) for H1 FY2024 dropped to Rs1.06, compared to Rs7.03 in the previous year, reflecting an 84.92% decrease.
| Consolidated Profit and Loss For The Period Ended December 31, 2024 (Rupees in '000) | |||
| Dec-24 | Dec-23 | %Change | |
| Sales - net | 87,348,950 | 73,984,337 | 18.06% |
| Cost of sales | (70,261,505) | (51,353,679) | 36.82% |
| Gross profit | 17,087,445 | 22,630,658 | -24.49% |
| Operating expenses | |||
| Distribution costs | (3,759,590) | (2,563,577) | 46.65% |
| Administrative expenses | (5,104,672) | (4,395,136) | 16.14% |
| Other operating expenses | (591,922) | (1,185,559) | -50.07% |
| Total Operating Expenses | (9,456,184) | (8,144,272) | 16.11% |
| Other income | 569,717 | 332,321 | 71.44% |
| Gain on acquisition of subsidiaries | - | 857,304 | |
| Profit from operations | 8,200,978 | 15,676,011 | -47.68% |
| Finance cost | (5,566,065) | (4,800,997) | 15.94% |
| Profit before levies and income tax | 2,634,913 | 10,875,014 | -75.77% |
| Levies | (998,375) | (994,885) | 0.35% |
| Profit before income tax | 1,636,538 | 9,880,129 | -83.44% |
| Income tax | (153,473) | (23,512) | 552.74% |
| Profit for the period | 1,483,065 | 9,856,617 | -84.95% |
| Attributable to: | |||
| Shareholders of parent company | 1,443,304 | 9,866,287 | -85.37% |
| Non-controlling interest | 39,761 | (9,670) | -511.18% |
| Earnings per share - basic & diluted (Rupees) | 1.06 | 7.03 | -84.92% |
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