Octopus Digital slips into loss in Q2 2024
MG News | August 29, 2024 at 02:46 PM GMT+05:00
August 29, 2024 (MLN): Octopus Digital Limited (PSX: OCTOPUS) experienced a loss of Rs4.28 million [LPS: Rs0.03] in the second quarter of 2024, compared to a profit of Rs28.64m [EPS: Rs0.18] in the same period last year (SPLY).
Going by the results, the company's sales revenue grew by 42.6% YoY to Rs280m as compared to Rs196.28m in SPLY.
The cost of sales also rose by 60.8% YoY but was greater than proportionate to sales rise, which slashed the gross margin by 45.37% in Q2 2024 compared to 51.55% in Q2 2023.
However, during the period under review, other income shrank 11.97% YoY to stand at Rs24.58m in Q2 2024 as compared to Rs27.93m in SPLY.
|
Unconsolidated (un-audited) Financial Results for the quarter ended June 30, 2024 (Rupees in '000) |
|||
|---|---|---|---|
|
Jun-24 |
Jun-23 |
% Change |
|
|
Sales |
279,905 |
196,284 |
42.60% |
|
Cost of sales |
-152,907 |
-95,094 |
60.80% |
|
Gross Profit/ (loss) |
126,998 |
101,190 |
25.50% |
|
Administrative Expenses |
-123,464 |
-96,011 |
28.59% |
|
Other Income |
24,586 |
27,930 |
-11.97% |
|
Other Operating Expenses |
-39,342 |
- |
- |
|
Finance Cost |
-1,440 |
-17 |
- |
|
Profit/ (loss) before taxation |
-12,662 |
33,092 |
- |
|
Taxation |
10,980 |
-2,782 |
- |
|
Net profit/ (loss) for the period |
-4,284 |
28,647 |
- |
|
Basic earnings/ (loss) per share |
-0.03 |
0.18 |
- |
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