SGF reports 64% drop in quarterly earnings
MG News | August 26, 2024 at 10:19 AM GMT+05:00
August 26, 2024 (MLN): Service GlobalFootwear Limited (PSX: SGF) earnings during the quarter ended June 30, 2024, fell over 64% to Rs65.13 million [EPS: Rs0.32] compared to a profit of Rs181.03m [EPS: Rs0.89] recorded in the same period last year (SPLY).
According to the results, the company's top line fell by 1.8% to Rs3.77bn compared to Rs3.84bn in SPLY.
On the other hand, the cost of sales rose by 7.3%, which further worsened the gross profit by 31.9% to Rs602.4m in Q2 2024.
The gross margins worsened to 16% as compared to 23.1% in SPLY.
On the expense side, the company's administrative expenses and selling and distribution expenses rose by 17.6% and 11.4% YoY, respectively.
Meanwhile, other operating expenses fell 81.2% YoY to Rs4.53m.
During the period under review, other income also went down by 51.8% to stand at Rs108.08m in Q2 2024 as compared to Rs224.08m in SPLY, further worsening SGF's situation.
Conversely, the company's inflow through Equity Accounted Investee recorded a massive surge of 466.85%, rising to Rs230.16m in Q2 2024.
The company’s finance cost marked a decline of 40.4% and stood at Rs174.42m as compared to Rs292.65m in SPLY.
On the tax front, the company paid a higher tax worth Rs174.1m against the Rs93.92m paid in the corresponding period of last year, depicting an increase of 85.4%.
| Consolidated (un-audited) Financial Results for quarter ended June 30, 2024 (Rupees in '000) | |||
|---|---|---|---|
| Jun 24 | Jun 23 | % Change | |
| Sales | 3,767,488 | 3,835,012 | -1.76% |
| Cost of sales | (3,165,084) | (2,950,225) | 7.28% |
| Gross Profit/ (loss) | 602,404 | 884,787 | -31.92% |
| Administrative Expenses | (181,816) | (154,607) | 17.60% |
| Selling And Distribution Expenses | (354,145) | (317,820) | 11.43% |
| Share of Profit/(Loss) of Equity Accounted Investee - Net of Tax | 230,159 | 40,603 | 466.85% |
| Other Income | 108,078 | 224,080 | -51.77% |
| Other Operating Expenses | (4,527) | (24,036) | -81.17% |
| Finance Cost | (174,424) | (292,650) | -40.40% |
| Profit/ (loss) before taxation | 239,230 | 274,951 | -12.99% |
| Taxation | (174,102) | (93,920) | 85.37% |
| Net profit/ (loss) for the period | 65,128 | 181,031 | -64.02% |
| Basic earnings/ (loss) per share | 0.32 | 0.89 | - |
Amount in thousand except for EPS
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