Searle's profit plunges by 52.76% YoY in 3QCY23

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.

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