October 30, 2023 (MLN): Thatta Cement Company Limited (PSX: THCCL) revealed its earnings for the first quarter of FY24, wherein the profit after tax clocked in at Rs144.39 million [EPS: Rs1.36] compared to a loss of Rs71.34m [LPS: Rs0.65] in the same period last year (SPLY).
Going by the results, the company's top line rose by 50.26% YoY to Rs1.5bn as compared to Rs995.38m in SPLY.
The cost of sales also rose to Rs1.21bn in 1QFY24 but was lesser than proportionate to the sales increase, resulting in a gross profit of Rs283.41m.
During the review period, other income surged by 3.6x YoY to stand at Rs82.15m in 1QFY24 as compared to Rs22.82m in SPLY.
On the expense side, the company observed a decrease of 29.8% YoY to Rs13.4m in selling and distribution expenses, while administrative expenses rose by 7.51% to Rs42.74m.
The company’s finance costs increased by 16.44% YoY and stood at Rs62.61m as compared to Rs53.77m in 1QFY24, mainly due to higher interest rates.
On the taxation front, the company paid a tax worth Rs87.5m as compared to receiving a tax credit of Rs71.34m in SPLY.
Consolidated (un-audited) Financial Results for Quarter ended 30 September, 2023 (Rupees in '000)
