Millat Tractors' annual bottom-line profits increase by 21%

MG News | September 12, 2018 at 10:54 AM GMT+05:00

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September 12, 2018 (MLN): Millat Tractors Limited’s annual profits for the year ended June 30^th 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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