Prema's profit plunges 72% in 1HFY24 despite higher revenue

MG News | February 28, 2024 at 12:45 PM GMT+05:00

0:00

February 28, 2024 (MLN): At-Tahur Limited (PSX: PREMA) revealed its earnings for six months ended December 31, 2023, wherein the profit after tax clocked in at Rs105.28 million [EPS: Rs0.48] compared to a profit of Rs373.15m [EPS: Rs1.71] in the same period last year (SPLY).

Going by the results, the company's top line rose 9.07% YoY to Rs5.06bn as compared to Rs4.64bn in SPLY.

However, the cost of sales also rose by 15.40% YoY, worsening the gross profit by 7.97% YoY to Rs1.16bn in 1HFY24.

The gross margins fell to 22.87% as compared to 27.11% in SPLY.

During the review period, other income expanded by 76.65% YoY to stand at Rs9.87m in 1HFY24 as compared to Rs5.59m in SPLY.

On the expense side, the company observed an increase in administrative and general expenses by 16.62% YoY and other expenses by 1.58% YoY to clock in at Rs154.14m and Rs374.7m respectively during the review period.

The company’s finance cost increased by 46.08% YoY and stood at Rs150.8m as compared to Rs103.24m in SPLY, mainly due to higher interest rates.

On the tax front, the company paid a higher tax worth Rs85.21m against the Rs13.06m paid in the corresponding period of last year, depicting a rise of 6.5x YoY.

Unconsolidated (un-audited) Financial Results for half year ended December 31, 2023 (Rupees in '000)
	Dec 23	Dec 22	% Change
Sales - Net	5,060,648	4,639,852	9.07%
Cost of sales	(3,903,099)	(3,382,122)	15.40%
Gross Profit / (Loss)	1,157,549	1,257,730	-7.97%
Administrative and general expenses	(154,141)	(132,179)	16.62%
Selling and marketing expenses	(297,293)	(272,814)	8.97%
Other Income	9,873	5,589	76.65%
Other Expenses	(374,697)	(368,887)	1.58%
Finance Cost	(150,801)	(103,235)	46.08%
Profit before taxation	190,490	386,204	-50.68%
Taxation	(85,209)	(13,059)	552.49%
Net profit / (loss) for the period	105,281	373,145	-71.79%
Basic earnings/ (loss) per share	0.48	1.71	-

Amount in thousand except for EPS

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	156,177.82 367.85M	-0.00% -3.12
ALLSHR	95,630.38 1,498.37M	-0.06% -60.44
KSE30	47,678.47 206.79M	-0.08% -35.92
KMI30	229,682.22 174.86M	-0.02% -39.87
KMIALLSHR	64,366.76 638.47M	-0.08% -53.31
BKTi	41,922.80 89.51M	-0.11% -46.72
OGTi	31,735.79 16.87M	-0.80% -255.97

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	116,065.00	117,685.00 115,190.00	-1025.00 -0.88%
BRENT CRUDE	67.99	68.59 67.79	-0.48 -0.70%
RICHARDS BAY COAL MONTHLY	84.00	0.00 0.00	-0.40 -0.47%
ROTTERDAM COAL MONTHLY	93.50	93.50 93.50	0.15 0.16%
USD RBD PALM OLEIN	1,106.50	1,106.50 1,106.50	0.00 0.00%
CRUDE OIL - WTI	64.09	64.67 63.83	-0.43 -0.67%
SUGAR #11 WORLD	16.23	16.59 16.23	-0.33 -1.99%