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
Copyright Mettis Link News
Related News
| Name | Price/Vol | %Chg/NChg |
|---|---|---|
| KSE100 | 173,962.82 313.69M | 1.30% 2237.52 |
| ALLSHR | 104,178.62 550.40M | 0.93% 964.13 |
| KSE30 | 52,166.33 164.58M | 1.26% 649.19 |
| KMI30 | 250,496.48 141.11M | 1.59% 3930.77 |
| KMIALLSHR | 67,844.06 318.73M | 1.20% 801.29 |
| BKTi | 47,430.11 44.68M | 0.28% 130.40 |
| OGTi | 36,386.96 9.01M | 0.13% 45.59 |
| Symbol | Bid/Ask | High/Low |
|---|
| Name | Last | High/Low | Chg/%Chg |
|---|---|---|---|
| BITCOIN FUTURES | 74,120.00 | 74,260.00 73,715.00 | 405.00 0.55% |
| BRENT CRUDE | 91.89 | 92.95 89.93 | -0.81 -0.87% |
| RICHARDS BAY COAL MONTHLY | 117.00 | 0.00 0.00 | -0.75 -0.64% |
| ROTTERDAM COAL MONTHLY | 130.25 | 131.75 130.00 | -0.20 -0.15% |
| USD RBD PALM OLEIN | 1,157.50 | 1,157.50 1,157.50 | 0.00 0.00% |
| CRUDE OIL - WTI | 87.76 | 0.00 0.00 | 0.40 0.46% |
| SUGAR #11 WORLD | 14.07 | 14.35 13.90 | 0.14 1.01% |
Chart of the Day
Latest News
Top 5 things to watch in this week
Pakistan Stock Movers
| Name | Last | Chg/%Chg |
|---|
| Name | Last | Chg/%Chg |
|---|
Foreign Exchange Reserves