Interloop reports 85% profit drop in H1 FY2024

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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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