Millat Tractors suffers 64% decline in net profits despite higher tractor prices

09:01
October 24, 2019
MG

October 24, 2019 (MLN): Millat Tractors Limited has posted net earnings of Rs. 456 million (Rs. 10.3) for the quarter ended September 30, 2019, i.e. 65% lower than the numbers o same period last year.

The topline earnings of the company fell by around 45.6% despite increase in the prices of tractors. This fall in revenue can be attributed to decline in volumetric sales.

Similarly, the gross profits of the company fell by 53.3% owing to local currency devaluation which led to higher input costs.

Going by the analysis done by Darson Securities, the non-core income of the company also declined by a considerable margin due to fall in dividend income from subsidiaries as well as lower interest income from bank deposits.

It is pertinent to note that the results of the company were in line with market expectations.

Consolidated profit and loss account for the quarter ended September 30, 2019 ('000 Rupees)
	Sep-19	Sep-18	% Change
Revenue from contracts with customers	5,431,584	9,995,379	-45.66%
Cost of sales	(4,325,993)	(7,627,119)	-43.28%
Gross profit	1,105,591	2,368,260	-53.32%
Distribution and marketing expenses	(177,305)	(204,614)	-13.35%
Administrative expenses	(197,020)	(202,436)	-2.68%
Other operating expenses	(48,253)	(141,969)	-66.01%
Other income	29,970	111,585	-73.14%
Finance costs	(60,672)	(9,726)	523.81%
Profit before tax	652,311	1,921,100	-66.04%
Taxation	(196,093)	(607,254)	-67.71%
Profit for the year	456,218	1,313,846	-65.28%
Basic and diluted earnings per share (Rupees)	10.30	29.66	-65.27%

Copyright Mettis Link News

Posted on: 2019-10-24T14:01:00+05:00

30729

FOREX

EQUITY

COMMODITIES

FOREX

PairID	Symbol	Bid	Ask	High	Low	Update
1	PKR	278.38000	278.68000	278.68000	278.38000	12:41 PM
2	EUR	1.07179	1.07185	1.07185	1.07179	03:42 AM
3	GBP	1.24991	1.24995	1.24995	1.24991	03:42 AM
4	CHF	0.91320	0.91360	0.91360	0.91320	03:42 AM
5	JPY	155.59000	155.60000	155.60000	155.59000	03:42 AM
6	CAD	1.36798	1.36811	1.36811	1.36798	03:42 AM
7	AUD	0.65189	0.65197	0.65197	0.65189	03:42 AM
8	INR	83.36760	83.36940	83.36940	83.36760	03:42 AM
9	SAR	3.75060	3.75080	3.75080	3.75060	12:42 PM
10	AED	3.67270	3.67300	3.67300	3.67270	12:41 PM
11	HKD	7.82980	7.83006	7.83006	7.82980	03:42 AM
12	CNH	7.26638	7.26646	7.26646	7.26638	03:42 AM
13	CNY	7.24700	7.24710	7.24710	7.24700	12:40 PM
14	THB	37.07000	37.09000	37.09000	37.07000	03:42 AM
15	MYR	4.78050	4.78550	4.78550	4.78050	02:48 AM
16	IDR	16,183.90000	16,189.00000	16,189.00000	16,183.90000	03:42 AM
17	SGD	1.36016	1.36023	1.36023	1.36016	03:42 AM
18	NZD	0.59527	0.59531	0.59531	0.59527	03:42 AM
19	MXN	17.08120	17.08650	17.08654	17.08120	03:42 AM
20	TRY	32.56150	32.56980	32.56978	32.56150	03:42 AM
21	SEK	10.85290	10.86190	10.86190	10.85290	03:42 AM
22	ZAR	19.13310	19.13680	19.13680	19.13310	03:42 AM
23	NOK	10.96760	10.97360	10.97360	10.96760	03:42 AM
24	DKK	6.95846	6.95900	6.95900	6.95846	03:42 AM
25	ARS	873.24600	873.25400	873.25419	873.24579	03:41 AM
26	BDT	107.91000	111.27300	111.27305	107.90964	09:00 PM
27	BHD	0.37700	0.37705	0.37705	0.37700	12:42 PM
28	BRL	5.14570	5.14870	5.14870	5.14570	03:41 AM
29	KRW	1,371.89000	1,373.89000	1,373.89000	1,371.89000	03:42 AM
30	KWD	0.30765	0.30789	0.30789	0.30765	12:42 PM
31	LKR	294.62300	301.16300	301.16317	294.62325	09:00 PM
32	OMR	0.38498	0.38503	0.38503	0.38498	12:42 PM
33	QAR	3.64600	3.64900	3.64900	3.64600	09:31 PM
34	RUB	92.27000	94.07000	94.07000	92.27000	08:00 PM
35	AFN	71.18230	73.05090	73.05087	71.18232	09:00 PM
36	AZN	1.70000	1.70000	1.70000	1.70000	05:44 AM
37	TMT	3.36000	3.66000	3.66000	3.36000	08:00 PM
38	MVR	15.25000	15.65000	15.65000	15.25000	08:00 PM
39	UZS	12,655.90000	12,721.30000	12,721.32679	12,655.92151	09:00 PM
40	PHP	57.77900	57.83400	57.83400	57.77900	03:42 AM
42	NGN	1,253.53000	1,254.53000	1,254.53000	1,253.53000	08:25 PM
43	KES	134.00000	136.00000	136.00000	134.00000	03:23 AM
44	AMD	361.47400	417.53100	417.53088	361.47392	09:00 PM
45	TWD	32.58900	32.59200	32.59200	32.58900	03:42 AM
46	XAU	2,322.27000	2,323.11000	2,323.11000	2,322.27000	03:41 AM
47	XAG	27.34620	27.35660	27.35660	27.34620	03:41 AM
48	XPT	906.85200	913.81400	913.81400	906.85200	12:42 PM
49	XPD	1,000.04000	1,007.87000	1,007.86780	1,000.04280	12:42 PM
2,120	VES	36.29670	36.38780	36.38776	36.29673	08:00 PM
2,212	UGX	3,765.16000	3,849.24000	3,849.24417	3,765.15873	09:00 PM
2,213	TZS	2,584.99000	2,585.01000	2,585.01500	2,584.98500	02:24 AM

Data is delayed by 20 minutes

EQUITY

Name	High	Current	Low	Change	% Change	Volume	Value	Direction	DateTime
KSE100	72,593.25	72,179.690	72,171.07	127.798	0.177	260,668,111.0	9,212,931,531.930	1	25/04/2024 12:53 PM
ALLSHR	47,464.49	47,205.457	47,202.55	32.640	0.069	508,097,372.0	15,866,674,090.450	1	25/04/2024 12:53 PM
KSE30	23,911.80	23,787.089	23,782.91	-20.729	-0.087	59,241,175.0	6,081,611,337.340	-1	25/04/2024 12:53 PM
KMI30	122,036.66	121,048.726	120,984.57	-113.732	-0.094	86,741,090.0	5,653,111,827.240	-1	25/04/2024 12:53 PM
KMIALLSHR	33,911.61	33,717.397	33,712.04	60.877	0.181	354,029,262.0	13,208,319,166.270	1	25/04/2024 12:53 PM
BKTi	17,958.27	17,860.941	17,727.99	-27.668	-0.155	9,986,253.0	1,261,010,308.000	-1	25/04/2024 12:53 PM
OGTi	17,026.85	16,875.900	16,866.10	-80.673	-0.476	3,149,542.0	457,586,964.890	-1	25/04/2024 12:53 PM

Data is delayed by 20 minutes

COMMODITIES

Name	Symbol	Last	High	Low	Change
BITCOIN FUTURES	BTC	64,240.0	64,650.0	63,735.0	360.00
BRENT CRUDE	EB	88.2	88.3	87.8	0.18
RICHARDS BAY COAL MONTHLY	EF	105.5	0.0	0.0	-2.40
ROTTERDAM COAL MONTHLY	ET	120.0	0.0	0.0	1.80
USD RBD PALM OLEIN	POL	832.5	832.5	832.5	0.00
CRUDE OIL – WTI	QCL	83.0	83.1	82.6	0.18
SUGAR #11 WORLD	SB	19.6	19.8	19.5	-0.02

To see more commodities please register for our portal

Top 5 things to watch in this week

Charts

KSE100 (Last)

KSE100 (Volume)

KSE100 (Last)

KSE100 (Volume)

MPS Preview: High for Longer

Trending :

Millat Tractors suffers 64% decline in net profits despite higher tractor prices

Top 5 things to watch in this week

Charts

Stay Connected

Read Next

PKR sheds another 4 paisa against USD

Sri Lanka’s inflation drops to 2.5% in March

TREET’s profit surge over 66% in 3QFY24 on stronger other income

NBP issues foreign exchange rate