SEARL’s Q1 2024: Profit-to-loss transition
MG News | April 30, 2024 at 03:46 PM GMT+05:00
April 30, 2024 (MLN): The Searle Company Limited (PSX: SEARL) recorded a loss after tax of Rs109.81 million [LPS: Rs0.21] in the first quarter of 2024, compared to a profit of Rs97.04m [EPS: Rs0.25] in the same period last year (SPLY).
Going by the results, the company's top line contracted by 5.7% YoY to Rs5.79bn as compared to Rs6.14bn in SPLY.
The cost of sales also fell by 11.1% YoY. The gross profit inched up by 0.7% YoY to Rs2.84bn in Q1 2024.
The gross margins improved to 49.04% as compared to 45.95% in SPLY.
During the period under review, other income deflated by 43.5% YoY to stand at Rs30.9m in Q1 2024 as compared to Rs54.69m in SPLY.
On the expense side, the company's administrative expenses fell 4.7% YoY to Rs340.27m, selling and distribution expenses rose 17.4% YoY to Rs1.74bn, and other operating expenses rose 17.4% YoY to Rs10.78m.
The company’s finance cost rose by 1.2% YoY and stood at Rs862.56m as compared to Rs852.74m in SPLY, mainly due to higher interest rates.
On the tax front, the company paid a lower tax worth Rs49.55m against the Rs66.43m paid in the corresponding period of last year, depicting a decrease of 25.4% YoY.
| Unconsolidated (un-audited) Financial Results for quarter ended March 31, 2024 (Rupees in '000) | |||
|---|---|---|---|
| Mar 24 | Mar 23 | % Change | |
| Sales | 5,786,361 | 6,135,976 | -5.70% |
| Cost of sales | (2,948,884) | (3,316,731) | -11.09% |
| Gross Profit/ (loss) | 2,837,477 | 2,819,245 | 0.65% |
| Administrative Expenses | (340,270) | (357,029) | -4.69% |
| Selling And Distribution Expenses | (1,736,582) | (1,479,616) | 17.37% |
| Other Income | 30,896 | 54,692 | -43.51% |
| Other Operating Expenses | 10,781 | (21,086) | - |
| Finance Cost | (862,563) | (852,741) | 1.15% |
| Profit/ (loss) before taxation | (60,261) | 163,465 | - |
| Taxation | (49,550) | (66,429) | -25.41% |
| Net profit/ (loss) for the period | (109,811) | 97,036 | - |
| Basic earnings/ (loss) per share | (0.21) | 0.19 | - |
Amount in thousand except for EPS
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