THALL Q1 profit rises 30% despite lower revenue

MG News | October 30, 2024 at 10:21 AM GMT+05:00

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October 30, 2024 (MLN): Thal Limited (PSX: THALL) earned a 29.8% higher first-quarter profit despite lower revenue. The growth was led by higher other income.

The company posted a net profit of Rs328.92 million [EPS: Rs4.06] during the quarter ending September 2024, up from Rs253.33m [EPS: Rs3.13] in the same period last year (SPLY).

The company's revenue marked a decline of 1.9% to Rs5.75bn as compared to Rs5.86bn in SPLY. Gross profit fell 18.9% to Rs481.09m in Q1 FY25.

The gross margins worsened to 8.4% as compared to 10.1% in SPLY.

Meanwhile, its other income jumped 65.5% to stand at Rs795.7m in Q1 FY25 as compared to Rs480.7m in SPLY.

On the expense side, the company's administrative expenses rose 20.8% from a year ago to Rs357.84m, selling and distribution expenses rose 11.5% to Rs192.61m, and other operating expenses fell 20.1% to Rs40.25m.

The company’s finance cost down by 1.5% and stood at Rs190.13m as compared to Rs193.03m in SPLY.

On the tax front, the company paid a higher tax worth Rs167.04m against Rs108.06m paid in the corresponding period of last year, an increase of 54.6%.

This translates to an effective tax rate of 33.7% as compared to 29.9% in SPLY.

Unconsolidated (un-audited) Financial Results for quarter ended September 30, 2024 (Rupees in '000)
	Sep 24	Sep 23	% Change
Sales	5,751,093	5,861,141	-1.88%
Cost of sales	(5,270,006)	(5,268,088)	0.04%
Gross Profit/ (loss)	481,087	593,053	-18.88%
Administrative Expenses	(357,843)	(296,129)	20.84%
Selling And Distribution Expenses	(192,613)	(172,831)	11.45%
Other Income	795,704	480,695	65.53%
Other Operating Expenses	(40,247)	(50,377)	-20.11%
Finance Cost	(190,130)	(193,029)	-1.50%
Profit/ (loss) before taxation	495,958	361,382	37.24%
Taxation	(167,039)	(108,056)	54.59%
Net profit/ (loss) for the period	328,919	253,326	29.84%
Basic earnings/ (loss) per share	4.06	3.13	-

Amount in thousand except for EPS

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