MTL today released financial statements for the half year ending December 31st, 2017 in which it has reported an incline of 57.87% increase in net sales and a 76% increase in bottom-line profits.
Millat Tractors have reported a 109% increase in other income adding Rs. 555 million to bottom-line during the half year.
Furthermore, company net profit after taxation reported to clock in at Rs. 2.778 billion posting a mammoth rise of 76% during the period under review. Management approved a Rs. 60 per share i.e. 600% dividend for the period.
Company informed the stakeholders that it has decided to invest Rs. 1.5 billion by acquiring equity of Hyundai Nishat Motors Private Limited. The company earnings per share clocked in at Rs. 62.73 per share against Rs. 35.66 per share last year.
Comparison of Key Financials
Unconsolidated Profit and Loss Account – For the Half Year Ended, December 31st 2017
Key Financials
2017
2016
% Change
Amounts in PKR ‘000
Net Sales
18,222,938
11,543,319
57.87%
Cost of Sales
14,007,252
8,922,554
56.99%
Gross Profit
4,215,686
2,620,765
60.86%
Distribution and Marketing Expenses
301,941
282,684
6.81%
Administrative Expenses
231,288
216,372
6.89%
Other Operating Expenses
300,566
160,326
87.47%
Other Income
555,666
265,587
109.22%
Operating Profit
3,937,557
2,226,970
76.81%
Finance Costs
810
278
191.37%
Profit before Taxation
3,936,747
2,226,692
76.80%
Taxation
1,158,407
646,994
79.04%
Profit after Taxation
2,778,340
1,579,698
75.88%
EPS – Basic and diluted
62.73
35.66
75.91%
Company release on Earnings Report can be accessed here.
