Millat Tractors' annual bottom-line profits increase by 21%
MG News | September 12, 2018 at 10:54 AM GMT+05:00
September 12, 2018 (MLN): Millat Tractors Limited’s annual profits for the year ended June 30th 2018 were boosted by 21% YoY owing to a noticeable improvement in the top-line earnings of the firm.
The company’s Board of Directors meeting took place earlier today, where the board reviewed Millat Tractors’ financial earnings for the year.
Accoriding to the report issued to PSX, the company’s net sales witnessed an increase of 25% while gross profits improved by 19%.
Although overall expenses went up by around 19%, operating profits still increased by 21%, leading to an overall increase in total profit for the period, as it increased from Rs.4.9 billion to Rs.5.96 billion, YoY.
The company also announced basic and diluted earnings per share which logged in at Rs.134.64 per share, up by 21% YoY.
| Consolidated profit and loss account for the year ended June 30th 2018 ('000 Rupees) | |||
|---|---|---|---|
|
| Jun-18 | Jun-17 | % Change |
| Sales- net | 39,586,362 | 31,612,367 | 25.22% |
| Cost of sales | 29,129,335 | 22,825,374 | 27.62% |
| Gross profit | 10,457,027 | 8,786,993 | 19.01% |
| Distribution and marketing expenses | 730,588 | 635,049 | 15.04% |
| Administrative expenses | 767,708 | 651,551 | 17.83% |
| Other operating expenses | 689,062 | 551,617 | 24.92% |
|
| 2,187,358 | 1,838,217 | 18.99% |
| Other income | 635,902 | 400,940 | 58.60% |
| Operating profit | 8,905,571 | 7,349,716 | 21.17% |
| Finance costs | 20,190 | 16,001 | 26.18% |
| Profit before tax | 8,885,381 | 7,333,715 | 21.16% |
| Taxation | 2,921,862 | 2,410,888 | 21.19% |
| Profit for the year | 5,963,519 | 4,922,827 | 21.14% |
| Basic and diluted earnings per share (Rupees) | 134.64 | 111.14 | 21.14% |
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