Pakistan Hotels records fivefold increase in profit during Q1 2024
MG News | April 29, 2024 at 10:34 AM GMT+05:00
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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