Pak Elektron profit grows 38.7%

Staff Reporter BOL News

27th Oct, 2021. 08:35 pm

Investors sit during the intraday trading at the KSE-100 Index at the Pakistan Stock Exchange. Photo: Athar Khan/Bol News

KARACHI: Pak Elektron Limited (PEL) has announced a net profit of Rs349.6 million, translating into the earnings per share (EPS) of 68 paisas for the quarter ended September 30, 2021, which is 38.7 per cent higher than the profit of Rs253.1 million and the EPS of 49 paisas recorded in the corresponding period of the last year, a bourse filing said on Wednesday.

The sales revenue for the quarter clocked-in at Rs9.04 billion, up 10.9 per cent, compared with Rs8.15 billion recorded in the same period of the last year.

For the nine months ended September 30, 2021, PEL posted a net profit of Rs1.37 billion, translating into the earnings per share (EPS) of Rs2.7 against a loss of Rs172.7 million in the same period of the last year.

Millat Tractors earns profit of Rs1.317 billion

Millat Tractors Limited (MTL) announced a net profit of Rs1.317 billion (EPS: Rs19.58) for the quarter ended September 30, 2021, up 16 per cent from Rs1.135 billion (EPS: Rs16.87) in the corresponding period of the last year.

The net sales of the company surged 17 per cent during the quarter to Rs9.938 billion. “Despite similar volumes of 7,197 units in the first quarter of FY22, compared with 7,225 units in the first quarter of FY21, the net sales of the company increased due to multiple increase in tractor prices and change in sales mix,” an analyst at Arif Habib Limited said.

“During the first quarter of FY22, margins dropped 118bps to 20.83 per cent due to depreciation in the rupee and surge in prices of raw material.”

Other income arrived at Rs248 million, up 256 per cent due to increase in cash and bank balances.