MTL struggles in Q3 with declining sales, rising finance costs

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MG News | October 25, 2024 at 03:21 PM GMT+05:00

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October 25, 2024 (MLN): Millat Tractors Limited (PSX: MTL) unveiled its profit and loss statement, wherein the profit after tax clocked in at Rs569.21 million [EPS: Rs2.97] for the quarter ended September 30, 2024.

This marks a significant decline of 75.16% compared to the bottom line of Rs 2.29 billion [EPS: Rs 11.95] reported in the same period last year (SPLY).

According to the profit and loss statement, the 62.3% drop in sales was the major factor leading to the challenging financial close.

The cost of sales also fell by 64.6% but as sales declined by a greater value, the gross profit dropped 54.5% to Rs2.18bn in Q3 CY24.

During the period under review, other income dipped 61.1% to stand at Rs58.37m in Q3 CY24 as compared to Rs149.88m in SPLY.

On the expense side, the company's administration expenses rose 34.5% YoY to Rs311.67m.

On the other hand, distribution and selling expenses fell 28.9% YoY to Rs354.97m, and other operating expenses dropped 77.1% YoY to Rs71.32m.

The 178.9% spike in finance costs, clocking in at Rs544.82m was another factor leading to the profit drop.

On the tax front, the company paid a lower tax worth Rs388.46m against the Rs1.42bn paid in the corresponding period of last year, depicting a fall of 72.7%.

Unconsolidated (un-audited) Financial Results for quarter ended September 30, 2024 (Rupees in '000)
  Sep 24 Sep 23 % Change
Sales 7,825,425 20,760,828 -62.31%
Cost of sales (5,643,335) (15,961,628) -64.64%
Gross Profit/ (loss) 2,182,090 4,799,200 -54.53%
Administration expenses (311,671) (231,751) 34.49%
Distribution and selling expenses (354,972) (499,421) -28.92%
Other Income 58,366 149,877 -61.06%
Other Operating Expenses (71,322) (310,726) -77.05%
Finance costs (544,822) (195,382) 178.85%
Profit/ (loss) before taxation 957,669 3,711,797 -74.20%
Final tax / levies (388,458) (1,420,122) -72.65%
Net profit/ (loss) for the period 569,211 2,291,675 -75.16%
Basic earnings/ (loss) per share 2.97 11.95 -

Amount in thousand except for EPS

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