Zil third quarter profit plummets
MG News | October 21, 2024 at 02:56 PM GMT+05:00
October 21, 2024 (MLN): ZIL Limited's (PSX: ZIL) net profit plummeted 83.1% in the third quarter of 2024 as its expenses surged.
The company posted a profit after tax of Rs13.76 million [EPS: Rs2.25] during the quarter ending September 2024, compared to a profit of Rs81.36m [EPS: Rs13.29] in the same period last year (SPLY).
The company's revenue rose 3.4% to Rs1.7bn as compared to Rs1.64bn in SPLY. Gross profit improved by 0.4% to Rs493.79m in Q3 2024.
The gross margins, however, fell slightly to 29.1% as compared to 30.0% in SPLY.
During the period under review, other income slid by 1.8% to stand at Rs4.96m in Q3 2024 as compared to Rs5.05m in SPLY.
On the expense side, the company's administrative expenses rose 8.1% from last year to Rs98.67m, while selling and distribution expenses surged 88.6% to Rs331.26m.
The company’s finance cost decreased 9.6% and stood at Rs29.08m as compared to Rs32.16m in SPLY.
On the tax front, the company paid a lower tax worth Rs22.49m against the Rs90.77m paid in the corresponding period of last year, depicting a fall of 75.2%.
However, this translates to an effective tax rate of 62.0% as compared to 52.7% in SPLY.
| Unconsolidated (un-audited) Financial Results for quarter ended September 30, 2024 (Rupees in '000) | |||
|---|---|---|---|
| Sep 24 | Sep 23 | % Change | |
| Sales | 1,697,124 | 1,641,464 | 3.39% |
| Cost of sales | (1,203,333) | (1,149,386) | 4.69% |
| Gross Profit/ (loss) | 493,791 | 492,078 | 0.35% |
| Administrative Expenses | (98,671) | (91,274) | 8.10% |
| Selling And Distribution Expenses | (331,256) | (175,605) | 88.64% |
| Other Income | 4,957 | 5,048 | -1.80% |
| Other Operating Expenses | (3,503) | (25,949) | -86.50% |
| Finance Cost | (29,078) | (32,163) | -9.59% |
| Profit/ (loss) before taxation | 36,240 | 172,135 | -78.95% |
| Taxation | (22,485) | (90,773) | -75.23% |
| Net profit/ (loss) for the period | 13,755 | 81,362 | -83.09% |
| Basic earnings/ (loss) per share | 2.25 | 13.29 | - |
Amount in thousand except for EPS
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