Searle's profit plunges by 52.76% YoY in 3QCY23
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By MG News | October 27, 2023 at 03:30 PM GMT+05:00
October 27, 2023 (MLN): The Searle Company Limited (PSX: SEARL) 's profitability fell significantly by 52.76% YoY in the 3QCY23, clocking in its profit after tax at Rs137.96m [EPS: 0.31], compared to the Rs292m [EPS: 0.68] reported in the Same Period Last Year (SPLY).
Going by the results, the company's top line soared by 32.25% YoY to Rs10.86bn as compared to Rs8.21bn in SPLY.
The cost of sales also rose by 36.74% YoY to Rs6.71bn in 3QCY23.
As the sales increase was greater than proportionate to the increase in cost to sell, the gross profit improved by 25.59% YoY to Rs4.15bn during the review period.
On the expense side, the company observed an increase in Distribution expenses by 26.54% YoY and administrative expenses by 21.32% YoY to clock in at Rs2.15bn and Rs420.61m respectively during the review period.
The profit and loss statement further shows that other income contracted by 40.82% YoY to stand at Rs28.65m in 3QCY23 as compared to Rs48.41m in SPLY.
The company’s finance costs soared by 55.29% YoY and stood at Rs1.23bn as compared to Rs793.47m in 3QCY22, mainly due to higher interest rates.
On the tax front, the company paid a lower tax worth Rs203.39m against the Rs183.35m paid in the corresponding period of last year, depicting a fall of 10.94% YoY.
Consolidated Condensed Interim Financial Results for the Quarter ended 30 September 2023 (Rupees in '000) | |||
---|---|---|---|
Sep 23 | Sep 22 | % Change | |
Sales | 10,862,095 | 8,213,147 | 32.25% |
Cost of sales | (6,710,537) | (4,907,555) | 36.74% |
Gross Profit | 4,151,558 | 3,305,592 | 25.59% |
Distribution expenses | (2,146,081) | (1,695,970) | 26.54% |
Administrative expenses | (420,605) | (346,695) | 21.32% |
Other Income | 28,650 | 48,412 | (40.82%) |
Other operating expenses | (39,996) | (42,516) | (5.93%) |
Finance cost | (1,232,174) | (793,470) | 55.29% |
Profit before tax | 341,352 | 475,353 | (28.19%) |
Taxation | (203,394) | (183,345) | 10.94% |
Net profit for the period | 137,958 | 292,008 | (52.76%) |
Basic and diluted earnings/ (loss) per share | 0.31 | 0.68 | - |
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