Octopus Digital slips into loss in Q2 2024

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MG News | August 29, 2024 at 02:46 PM GMT+05:00

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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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