Millat Tractors profit drops 349pc

KARACHI: Millat Tractors Limited on Friday reported a 349 percent fall in its full-year net profit, owing to an increase in the net revenue.

In a statement to the PSX, the company reported a net profit of Rs9 billion for the year ended June 30, up from Rs2 billion the previous year.

The company also announced a final cash dividend of Rs50 a share, which was an addition to the already paid interim dividend of Rs50 a share. It also announced 20 percent bonus share that was one bonus share for every five shares. It was in addition to the interim bonus shares already issued at 12.5 percent.

Earnings per share came in at Rs103.12, compared with Rs38.36 last year.

The company said its revenue for the year rose to Rs43.95 billion, compared with Rs22.94 billion a year earlier.

The company said its other income for the period also rose to Rs667 million, compared with Rs253 million the previous year.