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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Posted on: 2024-10-30T10:21:53+05:00
