Octopus Digital slips into loss in Q2 2024

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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