Sitara Chemical suffers Rs70m quarterly loss as taxes surge

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MG News | September 27, 2024 at 09:59 AM GMT+05:00

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September 27, 2024 (MLN): Sitara Chemical Industries Limited (PSX: SITC) reported a quarterly loss on Friday as its margins eroded and taxes surged.

The company posted a net loss of Rs69.67 million [LPS: Rs3.25] during the quarter ending June 2024 compared to a profit of Rs346.6m [EPS: Rs16.17] earned in the same period last year (SPLY).

For the full fiscal year 2023-24, the company's profit fell 41.1% from last year to Rs585.5m.

Along with the results, the company announced a final cash dividend of Rs10 per share i.e. 100%.

Going by the quarterly results, the company's revenue rose 5.9% to Rs7.78bn as compared to Rs7.35bn in SPLY.

However, the cost of sales also increased by 9.4%, worsening the gross profit by 10.5% to Rs1.17bn in Q4 FY24.

The gross margins fell to 15.0% as compared to 17.8% in SPLY.

The company's other income also fell by 14.4% to stand at Rs112.4m in Q4 FY24 as compared to Rs131.35m in SPLY.

On the expense side, the company's administrative expenses rose 5.9% from last year to Rs309.13m, while selling and distribution expenses fell 22.0% to Rs137.18m.

The company’s finance cost jumped by 34.2% and stood at Rs608.23m as compared to Rs453.25m in SPLY.

On the tax front, the company paid a substantially higher tax worth Rs379.84m against the Rs158.6m paid in the corresponding period of last year, depicting an increase of 139.5%.

This translates to an effective tax rate of 122.5% as compared to 31.4% in SPLY.

Unconsolidated (un-audited) Financial Results for quarter ended June 30, 2024 (Rupees in '000)
  Jun 24 Jun 23 % Change
Sales 7,784,875 7,354,699 5.85%
Cost of sales (6,613,598) (6,046,141) 9.39%
Gross Profit/ (loss) 1,171,277 1,308,557 -10.49%
Administrative Expenses (309,127) (291,896) 5.90%
Selling And Distribution Expenses (137,178) (175,791) -21.97%
Other Gains / (Losses) (10,115) (965) 948.45%
Other Income 112,396 131,350 -14.43%
Other Operating Expenses 91,150 (12,813) -
Finance Cost (608,233) (453,250) 34.19%
Profit/ (loss) before taxation 310,171 505,192 -38.60%
Taxation (379,843) (158,595) 139.50%
Net profit/ (loss) for the period (69,672) 346,596 -
Basic earnings/ (loss) per share (3.25) 16.17 -

Amount in thousand except for EPS

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