Searle reports 11.8% drop in revenue, profit down 7.4% in Q3

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MG News | October 30, 2024 at 03:49 PM GMT+05:00

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October 30, 2024 (MLN): The Searle Company Limited (PSX: SEARL) experienced a fall of 7.4% YoY in its quarterly earnings, with its profit after tax falling to Rs300.78 million [EPS: Rs0.59].

Going by the results, the company's top line went down by 11.8% to Rs6.68bn as compared to Rs7.57bn in SPLY.

The cost of sales fell by 10.4%, but since the decline in sales was larger, gross profit worsened by 13.4%, dropping to Rs3.06bn in Q3 CY24.

SEARL took an additional hit as its other income dipped 34.9%, standing at Rs36.11m in Q3 CY24 compared to Rs55.48m in the SPLY.

On the expense side, the company's administration expenses fell 15.0% YoY to Rs339.97m and distribution and selling expenses dropped 8.9% YoY to Rs1.53bn.

Moreover, other operating expenses also narrowed 4.7% YoY to Rs38.12m.

The company’s finance cost fell by 26.4% and stood at Rs741.19m as compared to Rs1.01bn in SPLY.

A favorable reduction in operating expenses and finance costs helped mitigate the negative impact of declining sales.

On the tax front, the company paid a higher tax worth Rs148.05m against the Rs138.32m paid in the corresponding period of last year, depicting an increase of 7.0%.

Unconsolidated (un-audited) Financial Results for quarter ended September 30, 2024 (Rupees in '000)
  Sep 24 Sep 23 % Change
Sales 6,677,620 7,570,264 -11.79%
Cost of sales (3,616,743) (4,037,671) -10.43%
Gross Profit/ (loss) 3,060,877 3,532,593 -13.35%
Administration expenses (339,967) (400,118) -15.03%
Distribution and selling expenses (1,528,881) (1,677,958) -8.88%
impairment loss on investment in subsidiary 0 0 -%
Share Of Profit / (Loss) 0 0 -%
Provision Reversed / (Charged) 0 0 -%
Other Income 36,111 55,484 -34.92%
Other Operating Expenses (38,118) (39,996) -4.70%
Financial (charges) / income (741,189) (1,007,055) -26.40%
Profit/ (loss) before taxation 448,833 462,950 -3.05%
Final tax / levies (148,052) (138,315) 7.04%
Net profit/ (loss) for the period 300,781 324,635 -7.35%
Basic earnings/ (loss) per share 0.59 0.80 -

Amount in thousand except for EPS

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