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Lahore, Bata Pakistan Limited today announced financial results for the first quarter ended March 31, 2024, reflecting an increase in profits compared to the same period last year. The company reported a profit after taxation of Rs. 214,456,000 for January to March 2024, an increase from Rs. 124,893,000 reported in the first quarter of 2023.
The board of directors, in a meeting held today at 11:30 a.m. in Batapur, Lahore declared no cash dividend, bonus issue, rights shares, or any other entitlements for the shareholders.
Detailed financial results showed that net sales rose to Rs. 4,503,164,000 in the first quarter of 2024 from Rs. 4,117,303,000 in the same quarter of the previous year. Gross profit also increased to Rs. 2,241,995,000, up from Rs. 2,150,631,000.
However, distribution costs and administrative expenses rose to Rs. 1,293,922,000 and Rs. 507,425,000 respectively. Despite higher operational costs, operating profit improved to Rs. 516,845,000 from Rs. 363,585,000, assisted by a reduction in finance costs from Rs. 197,079,000 to Rs. 150,344,000 and an increase in other income to Rs. 104,072,000 from Rs. 53,983,000.
The earnings per share also increased to Rs. 28.37 from Rs. 16.52 in the first quarter of 2023. The company has announced that the full quarterly report will be transmitted separately through PUCARS within the specified timeframe.