Gul Ahmed Textile Mills declares 64.35 percent quarterly growth in net profit

KARACHI: Gul Ahmed Textile Mills Limited has announced a massive growth of 64.35 percent profit after tax for the quarter ended September 30, 2020.

According to financial result posted on Pakistan Stock Exchange (PSX) on Tuesday, the company declared Rs599 million net profit for the quarter July – September 2020 as compared with Rs364.59 million in the same period of the last year.

Earnings per share (EPS) of the company grew to Rs1.4 as against Re0.85.

Sales of the company registered growth of 38 percent to Rs19.65 billion for the quarter ended September 30, 2020 as compared with Rs14.2 billion in the corresponding quarter of the last year.

Cost of sales also rose significantly to Rs16.13 billion for the quarter under review as compared with Rs11.29 billion by quarter ended September 30, 2019, showing a growth of 43 percent.

Distribution cost of the company remained flat at Rs1.1 billion as against Rs1.08 billion for the comparative quarters.

However, administrative cost of the company fell sharply by 14.47 percent to Rs672.7 million for the quarter ended September 30, 2020 as compared with Rs785 million in the corresponding quarter of the last year.

The payment of tax by the company registered a 46 percent increase to Rs241.42 million for the quarter under review as compared with Rs165.15 million in the same quarter last year.

Leave a Reply

You have to agree to the comment policy.