April 26, 2024 (MLN): Kohinoor Textile Mills Limited’s (PSX: KTML) profit after tax plummeted to Rs415.51 million [EPS: Rs1.52] in the first quarter of 2024, compared to a profit of Rs829.16m [EPS: Rs2.77] in the same period last year (SPLY).
Going by the unconsolidated results, the company’s top line increased by 38.5% YoY to Rs14.88bn as compared to Rs10.74bn in SPLY.
The cost of sales also rose by 41.3% YoY but was lesser than proportionate to sales increase, which improved the gross profit by 26.0% YoY to Rs2.47bn in 1Q2024.
The gross margins, however, worsened to 16.61% as compared to 18.27% in SPLY.
During the period under review, other income dipped 70.6% YoY to stand at Rs56.6m in 1Q2024 as compared to Rs192.16m in SPLY.
On the expense side, the company observed an increase in administrative expenses by 52.5% YoY and other expenses by 2.1x YoY to clock in at Rs331.9m and Rs83.75m respectively during the review period.
Moreover, the company’s finance cost surged 2x YoY and stood at Rs859.37m as compared to Rs423.62m in SPLY, mainly due to higher interest rates.
On the tax front, the company paid a lower tax worth Rs288.71m against the Rs324.57m paid in the corresponding period of last year, depicting a fall of 11.1% YoY.
| Unconsolidated (un-audited) Financial Results for quarter ended March 31, 2024 (Rupees in ‘000) | |||
|---|---|---|---|
| Mar 24 | Mar 23 | % Change | |
| Sales – Net | 14,884,520 | 10,744,521 | 38.53% |
| Cost of sales | (12,412,154) | (8,781,493) | 41.34% |
| Gross Profit / (Loss) | 2,472,366 | 1,963,028 | 25.95% |
| Administrative Expenses | (331,904) | (217,687) | 52.47% |
| Selling And Distribution Expenses | (549,727) | (320,857) | 71.33% |
| Other Income | 56,597 | 192,157 | -70.55% |
| Other Operating Expenses | (83,747) | (39,292) | 113.14% |
| Finance Cost | (859,370) | (423,619) | 102.86% |
| Profit/ (Loss) before taxation | 704,215 | 1,153,730 | -38.96% |
| Taxation | (288,706) | (324,574) | -11.05% |
| Net profit / (loss) for the period | 415,509 | 829,156 | -49.89% |
| Basic earnings/ (loss) per share | 1.52 | 2.77 | – |
Amount in thousand except for EPS
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Posted on: 2024-04-26T10:20:44+05:00
