Telecard Limited reports 78.21% earnings surge, profit reaches Rs365.8m in 1HFY24

MG News | February 28, 2024 at 10:31 AM GMT+05:00

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February 28, 2024 (MLN): Telecard Limited (PSX: TELE) has recorded an earning surge of 78.21% YoY, as its profit after tax clocked in at Rs365.81 million [EPS: Rs0.97], compared to a profit of Rs205.28m [EPS: Rs0.53] incurred in the same period last year (SPLY).

The main factor behind this increase is a revenue surge of approximately 2.33 times, reaching Rs5.27bn compared to Rs2.26bn in 1HFY23.

The direct costs also expanded 2.69x YoY but as the growth in sales was of a greater proportion, the gross profit improved by 68.73% YoY to Rs1.36bn in 1HFY24.

On the expense side, TELE's administrative and distribution expenses stood at Rs682.18m during the review period, up by 32.16% YoY.

The gains were further capped as the company's other income dropped 63.58% YoY to Rs8.17m in 1HFY24 as compared to Rs22.43m in SPLY.

The company’s finance cost inched down 0.11% YoY and stood at Rs79.13m as compared to Rs79.21m in SPLY.

On the tax front, the company paid a higher tax worth Rs154.96m against the Rs29.63m paid in the corresponding period of last year, depicting a massive rise of 5.33x YoY.

Consolidated Financial Results for half year ended December 31, 2023 (Rupees in '000)
	Dec 23	Dec 22	% Change
Sales	5,266,228	2,256,325	133.40%
Direct costs	(3,903,114)	(1,448,468)	169.46%
Gross Profit	1,363,114	807,857	68.73%
Administrative and distribution expenses	(682,184)	(516,163)	32.16%
Exchange loss	(89,201)	0	-
Other Income	8,168	22,425	-63.58%
Finance Cost	(79,126)	(79,210)	-0.11%
Profit before taxation	520,771	234,909	121.69%
Taxation	(154,957)	(29,634)	422.90%
Net profit for the period	365,814	205,275	78.21%
Basic earnings/ (loss) per share	0.97	0.53	-

Amount in thousand except for EPS

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