Sitara Chemical quarterly profit falls 23%
By MG News | October 29, 2024 at 10:10 AM GMT+05:00
October 29, 2024 (MLN): Sitara Chemical Industries Limited (PSX: SITC) posted a net profit of Rs155.33 million [EPS: Rs7.25] during the quarter ending September 2024, down 23.0% from the profit of Rs201.72m [EPS: Rs9.41] in the same period last year (SPLY).
The company's revenue remained largely unchanged at Rs7.61bn compared to SPLY. Meanwhile, gross profit fell 1.1% to Rs1.17bn in Q1 FY25.
The gross margins worsened to 15.4% as compared to 15.6% in SPLY.
During the period under review, other income expanded by 29.9% to stand at Rs73.87m in Q1 FY25 as compared to Rs56.86m in SPLY.
On the expense side, the company's administrative expenses rose 10.3% from a year ago to Rs289.62m, selling and distribution expenses fell 5.4% to Rs128.21m, and other operating expenses fell 32.5% to Rs15.19m.
The company’s finance cost soared by 17.3% and stood at Rs607.79m as compared to Rs518.08m in SPLY, mainly due to higher interest rates.
On the tax front, the company paid a lower tax worth Rs49.62m against an expense paid worth Rs101.2m in the corresponding period of last year, a decrease of 51.0%.
This translates to an effective tax rate of 24.2% as compared to 33.4% in SPLY.
| Unconsolidated (un-audited) Financial Results for quarter ended September 30, 2024 (Rupees in '000) | |||
|---|---|---|---|
| Sep 24 | Sep 23 | % Change | |
| Sales | 7,607,083 | 7,613,221 | -0.08% |
| Cost of sales | (6,435,202) | (6,428,472) | 0.10% |
| Gross Profit/ (loss) | 1,171,881 | 1,184,749 | -1.09% |
| Administrative Expenses | (289,622) | (262,597) | 10.29% |
| Selling And Distribution Expenses | (128,207) | (135,512) | -5.39% |
| Other Income | 73,866 | 56,862 | 29.90% |
| Other Operating Expenses | (15,189) | (22,502) | -32.50% |
| Finance Cost | (607,785) | (518,080) | 17.31% |
| Profit/ (loss) before taxation | 204,944 | 302,920 | -32.34% |
| Taxation | (49,619) | (101,198) | -50.97% |
| Net profit/ (loss) for the period | 155,325 | 201,722 | -23.00% |
| Basic earnings/ (loss) per share | 7.25 | 9.41 | - |
Amount in thousand except for EPS
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