Octopus Digital slips into loss in Q2 2024

15:00
August 29, 2024

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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Posted on: 2024-08-29T14:46:30+05:00

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48	XPT	980.25000	981.75000	981.75000	980.25000	01:31 PM
49	XPD	1,085.05000	1,091.94000	1,091.93620	1,085.05030	01:31 PM
2,120	VES	36.71930	36.73910	36.73912	36.71930	04:31 AM
2,212	UGX	3,674.15000	3,755.06000	3,755.06241	3,674.15372	12:42 AM
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