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)
