Pakistan Hotels records fivefold increase in profit during Q1 2024

MG News | April 29, 2024 at 10:34 AM GMT+05:00

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April 29, 2024 (MLN): Pakistan Hotels Developers Limited (PSX: PHDL) recorded a surge of 5.5x YoY in its profitability in the first quarter of 2024, with its profit after tax rising to Rs85.38 million [EPS: Rs4.74], compared to a profit of Rs15.38m [EPS: Rs0.85] in the same period last year (SPLY).

Going by the results, the company's top line went up by 36.9% YoY to Rs195.27m as compared to Rs142.62m in SPLY.

The cost of sales also rose by 14.3% YoY but was lesser than proportionate to sales increase, which improved the gross profit by 64.3% YoY to Rs105.9m in Q1 2024.

The gross margins increased to 54.23% as compared to 45.19% in SPLY.

During the review period, the company recorded an other income of Rs71.79m in Q1 2024.

On the tax front, the company paid a significantly larger tax worth Rs40m against the Rs0.65m paid in the corresponding period of last year.

Unconsolidated (un-audited) Financial Results for quarter ended March 31, 2024 (Rupees in '000)
	Mar 24	Mar 23	% Change
Sales	195,268	142,620	36.91%
Cost of sales	(89,373)	(78,177)	14.32%
Gross Profit/ (loss)	105,895	64,443	64.32%
Administrative Expenses	(52,299)	(48,939)	6.87%
Other Income	71,786	533	13368.29%
Profit/ (loss) before taxation	125,382	16,037	681.83%
Taxation	(40,000)	(653)	6025.57%
Net profit/ (loss) for the period	85,382	15,384	455.01%
Basic earnings/ (loss) per share	4.74	0.85	-

Amount in thousand except for EPS

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