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

Telecard completes first tranche sale of 51% Supernet shares to Hallmark
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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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Posted on: 2024-02-28T10:31:05+05:00