Millat Tractors Limited (PSX: MTL) unveiled its profit and loss statement, wherein the profit after tax clocked in at Rs569.21 million [EPS: Rs2.97] for the quarter ended September 30, 2024.
This marks a significant decline of 75.16% compared to the bottom line of Rs 2.29 billion [EPS: Rs 11.95] reported in the same period last year (SPLY).
According to the profit and loss statement, the 62.3% drop in sales was the major factor leading to the challenging financial close.
The cost of sales also fell by 64.6% but as sales declined by a greater value, the gross profit dropped 54.5% to Rs2.18bn in Q3 CY24.
During the period under review, other income dipped 61.1% to stand at Rs58.37m in Q3 CY24 as compared to Rs149.88m in SPLY.
On the expense side, the company’s administration expenses rose 34.5% YoY to Rs311.67m.
On the other hand, distribution and selling expenses fell 28.9% YoY to Rs354.97m, and other operating expenses dropped 77.1% YoY to Rs71.32m.
The 178.9% spike in finance costs, clocking in at Rs544.82m was another factor leading to the profit drop.
On the tax front, the company paid a lower tax worth Rs388.46m against the Rs1.42bn paid in the corresponding period of last year, depicting a fall of 72.7%.
| Unconsolidated (un-audited) Financial Results for quarter ended September 30, 2024 (Rupees in ‘000) | |||
|---|---|---|---|
| Sep 24 | Sep 23 | % Change | |
| Sales | 7,825,425 | 20,760,828 | -62.31% |
| Cost of sales | (5,643,335) | (15,961,628) | -64.64% |
| Gross Profit/ (loss) | 2,182,090 | 4,799,200 | -54.53% |
| Administration expenses | (311,671) | (231,751) | 34.49% |
| Distribution and selling expenses | (354,972) | (499,421) | -28.92% |
| Other Income | 58,366 | 149,877 | -61.06% |
| Other Operating Expenses | (71,322) | (310,726) | -77.05% |
| Finance costs | (544,822) | (195,382) | 178.85% |
| Profit/ (loss) before taxation | 957,669 | 3,711,797 | -74.20% |
| Final tax / levies | (388,458) | (1,420,122) | -72.65% |
| Net profit/ (loss) for the period | 569,211 | 2,291,675 | -75.16% |
| Basic earnings/ (loss) per share | 2.97 | 11.95 | – |
Amount in thousand except for EPS
