October 27, 2022 (MLN): The Searle Company Limited (PSX: SEARL) on Thursday unveiled that the company’s profit after tax (PAT) in first quarter of the financial year 2022-23 plummeted by 68% YoY to Rs292 million [EPS: 0.85], compared to Rs904mn [EPS: Rs2.93] in the same period last year (SPLY).

On the revenues front, SEARL has reported revenues of Rs8.21bn, up by 7% YoY while the cost of sales increased by proportionately higher than sales, i.e., 15% YoY which squeezed the gross margin of the company by 4.1% to 40.25% in 1QFY23.

With regards to the major expense head, the company’s selling & distribution costs rose by 30% YoY, primarily due to the addition of new businesses while its admin expenses remained flat.

Owing to the higher interest rate regime, the finance cost of the company mounted sharply by 88% YoY to Rs793mn, compared to Rs442.6mn in 1QFY22.

The company paid Rs183.3mn in terms of taxes, down by 51% YoY compared to Rs372mn SPLY.

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Posted on: 2022-10-27T13:32:03+05:00

News Id :35643