Waves Singer posts unprecedented profit growth for half year

Waves Singer Pakistan Limited’s consolidated profits for the half-year ending June 30, 2018 rose by about 262% over the year as the company posted profits of about Rs 237.6 million, compared to profits of Rs 65.6 million posted a year ago on June 30, 2017.

Gross Sales shot up to 5.47 billion from 1.26 billion a year ago, a remarkable increase of 333%, while cost of sales rose by 384%, leading to a gross profit growth of 231% over the year.

Due to increased expenses related to marketing, selling and distribution coupled with higher administrative costs for the firm, profit from operations shot up less than the growth witnessed in gross profits as operational profits rose by 170% compared to gross profit growth of 231%.

Both finance costs and taxation charged to the firm increased over the year.

The company also declared a profit per share of Rs 1.68 this year, compared to Rs 1.44 last year as on June 30, 2017.