Sitara Chemical suffers Rs70m quarterly loss as taxes surge
MG News | September 27, 2024 at 09:59 AM GMT+05:00
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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