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Saturday May 25, 2024

EPQL profits surge 33 percent

Administrative expenses surged by 44.16 percent to Rs102.56 million, and other expenses by 42.82 percent to Rs3.91 million

By News Desk
April 17, 2024
A view of Engro Powergen Qadirpur Limited (EPQL). — AUGAF/File
A view of Engro Powergen Qadirpur Limited (EPQL). — AUGAF/File

KARACHI: Engro Powergen Qadirpur Limited (EPQL) on Tuesday reported a 33.39 percent year-on-year increase in its earnings for the third quarter of fiscal year 2024, with a profit after tax of Rs584.64 million (EPS: Rs1.81), up from Rs438.31 million (EPS: Rs1.35) in the same period last year.

Despite an 8.64 percent decline in sales revenue to Rs3.09 billion from Rs3.38 billion year-over-year, the company's earnings were bolstered by a significant rise in net finance income. The cost of sales saw a 9.15 percent reduction, but this was not enough to offset the revenue drop, leading to a 5.57 percent decrease in gross profit to Rs456.52 million.

Administrative expenses surged by 44.16 percent to Rs102.56 million, and other expenses by 42.82 percent to Rs3.91 million. Meanwhile, EPQL's other income experienced a sharp 89.55 percent fall to Rs0.22 million from Rs2.08 million in the same period last year.

The financial performance was attributed to a spike in net finance income, which soared to Rs237.61 million in 3QFY24 from Rs28.49 million in 3QFY23. Tax expenses also increased, with the company paying Rs3.23 million in taxes, a 78.74 percent rise from the previous year's Rs1.81 million.