SEARL’s Q1 2024: Profit-to-loss transition

MG News | April 30, 2024 at 03:46 PM GMT+05:00

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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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