The General Tyre and Rubber Company Limited profits fall by 30.70 percent to Rs. 580.720 million

By MG News | April 26, 2018 at 05:14 PM GMT+05:00

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The General Tyre and Rubber Company Limited (GTYR) today announced financial results for the nine months period ending 31 March, 2018 reporting Sales at Rs. 8.774 billion; up 18.81 percent from same period last year. Furthermore, the company’s Gross Profit fell to Rs. 1.633 billion from Rs. 1.852 billion last year during the outgoing nine months.

On the expenses front, GTYR reported 4.14 percent increase in Distribution Costs, 23.44 percent increase in Administrative Expenses, whereas, Finance Costs incurred by the company went up by 105.53 percent during the period.

Furthermore, GTYR also reported a 14.36 percent increase in Other Income reaching Rs. 45.029 million during the nine months.

The General Tyre and Rubber Company Limited reported profit after taxation at Rs. 580.720 million against Rs. 838.007 million during the same period last year translating into an EPS of Rs. 9.72 vs. an EPS of Rs. 14.02 during the nine months ending March, 2017.

Comparison of Key Financials
Unconsolidated Profit and Loss Account - For the Nine Months Ended, March 30^th 2018
Key Financials	March, 2018	March, 2017	% Change
	Amounts in PKR’ 000
Sales	8,774,674	7,385,200	18.81%
Cost of Sales	7,140,875	5,533,193	29.06%
Gross Profit	1,633,799	1,852,007	-11.78%
Administrative Expenses	228,409	185,035	23.44%
Distribution Cost	326,103	313,129	4.14%
Other Income	45,029	39,374	14.36%
Other expenses	111,387	114,013	-2.30%
Profit from Operations	1,012,929	1,279,204	-20.82%
Finance Cost	183,089	89,082	105.53%
Profit before Taxation	834,925	1,194,275	-30.09%
Taxation	254,205	356,268	-28.65%
Profit for the Period	580,720	838,007	-30.70%
Total Comprehensive Income	580,720	838,007	-30.70%
EPS - Basic and diluted	9.72	14.02	-30.67%

Company release on Earnings Report can be accessed here.

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