Thal Industries reports a 49% improvement in profits during the quarter
MG News | January 25, 2021 at 01:59 PM GMT+05:00
January 25, 2021 (MLN): Thal Industries Corporation has announced the financial results for the quarter ended December 31, 2020, which show a profit after tax of Rs. 224.8 million i.e. nearly 49% higher as compared to the earnings recorded in same period of last year.
The revenue of the company remained somewhat static at Rs. 1.8 billion, whereas cost of sales dropped by 7% to Rs. 1.3 billion. This resulted in a 16.6% improvement in gross profits.
The company also saw a 34% drop in distribution expense, whereas administrative expense grew by 32%. The earnings were further dented by a 15% decline in other income and 51% increase in other expenses.
However, some respite was drawn from a 57% decline in finance cost. The company paid an income tax of Rs. 96.3 million, i.e. nearly 56% higher than the tax paid during the same period of last year.
| Financial Results for the Quarter ended December 31, 2020 (Rupees) | |||
|---|---|---|---|
| Dec-20 | Dec-19 | % Change | |
| Sales - net | 1,869,697,057 | 1,890,335,840 | -1.1% |
| Cost of sales | (1,307,940,070) | (1,408,488,391) | -7.1% |
| Gross profit | 561,756,987 | 481,847,449 | 16.6% |
| Distribution and selling expenses | (27,558,530) | (41,848,562) | -34.1% |
| Administrative expenses | (159,369,159) | (120,415,401) | 32.3% |
| Operating profit | 374,829,298 | 319,583,486 | 17.3% |
| Other income | 19,638,233 | 22,984,076 | -14.6% |
| Finance cost | (49,458,170) | (114,383,824) | -56.8% |
| Other expenses | (23,805,646) | (15,744,678) | 51.2% |
| Profit before taxation | 321,203,715 | 212,439,060 | 51.2% |
| Taxation | (96,361,115) | (61,607,327) | 56.4% |
| Profit after taxation | 224,842,600 | 150,831,733 | 49.1% |
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