SEARL suffers loss of Rs3.3bn in FY24 due to impairment loss
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MG News | October 07, 2024 at 03:48 PM GMT+05:00
October 07, 2024 (MLN): The Searle Company Limited (PSX: SEARL) suffered a loss of Rs3.33 billion [LPS: Rs6.95] for the year ended June 30, 2024, due to a substantial loss on investment in a subsidiary.
This compares to a profit of Rs302.14m [EPS: Rs0.75] earned in the previous fiscal year.
According to the profit and loss account, the company's top line grew by 19.3% to Rs25.83bn as compared to Rs21.64bn in FY23.
Sales growth outpaced the 9.7% increase in costs, resulting in a 31.6% improvement in gross profit, which reached Rs12.56bn in FY24.
Accordingly, the gross margins improved to 48.6% as compared to 44.1% in SPLY.
During the period under review, other income fell by 63.9% to stand at Rs356.76m in FY24 as compared to Rs987.73m in FY23.
On the expense side, the company's administrative expenses rose 19.0% YoY to Rs1.47bn, while distribution cost spiked 30.2% YoY to Rs7.13bn.
On the other hand, other operating expenses fell 55% YoY to Rs29.39m.
It is noteworthy that SEARL reported a substantial impairment loss of Rs5.2bn on its investment in a subsidiary, which was the sole factor contributing to the weak earnings during this period.
The company’s finance cost soared by 6.4% and stood at Rs3.56bn as compared to Rs3.35bn in SPLY, mainly due to higher interest rates.
On the tax front, the company received a tax credit worth Rs1.14bn against the Rs107.7m paid in the corresponding period of last year.
| Unconsolidated (un-audited) Financial Results for year ended June 30, 2024 (Rupees in '000) | |||
|---|---|---|---|
| Jun 24 | Jun 23 | % Change | |
| Sales | 25,827,210 | 21,641,282 | 19.34% |
| Cost of sales | (13,270,821) | (12,097,595) | 9.70% |
| Gross Profit/ (loss) | 12,556,389 | 9,543,687 | 31.57% |
| Administrative Expenses | (1,468,047) | (1,234,072) | 18.96% |
| Distribution cost | (7,126,326) | (5,474,092) | 30.18% |
| impairment loss on investment in subsidiary | (5,200,000) | - | -% |
| Other Income | 356,759 | 987,731 | -63.88% |
| Other Operating Expenses | (29,386) | (65,315) | -55.01% |
| Finance Cost | (3,560,883) | (3,348,104) | 6.36% |
| Profit/ (loss) before taxation | (4,471,494) | 409,835 | -% |
| Final tax / levies | 1,140,635 | (107,698) | -% |
| Net profit/ (loss) for the period | (3,330,859) | 302,137 | -% |
| Basic earnings/ (loss) per share | (6.95) | 0.75 | - |
Amount in thousand except for EPS
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