AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi, Clover Pakistan Limited has released its financial results for the first quarter ended March 31, 2024. The details, approved by the Board of Directors in their meeting on April 29, 2024, in Karachi reveal a significant turnaround in profitability compared to the same period last year.
For the quarter ended March 31, 2024, the company reported a net revenue of 64,597 thousand rupees, a decrease from 4864 thousand rupees in the corresponding quarter of 2023. The cost of sales was 59,742 thousand rupees, significantly lower than 3,893 thousand rupees in the previous year. Consequently, the gross profit stood at 4,855 thousand rupees, up from 971 thousand rupees last year.
Administrative and selling expenses were reported at 30,411 thousand rupees, an increase from 5,549 thousand rupees in 2023. Despite higher expenses, the operating profit was negative 25,556 thousand rupees, improved from a loss of 4,578 thousand rupees in the prior year.
Other income contributed 4,100 thousand rupees, up from 438 thousand rupees last year. After accounting for other operating expenses and taxation, the profit before taxation was negative 21,984 thousand rupees, an improvement over a loss of 4,190 thousand rupees in the same quarter of the previous year. The company reported a loss after tax of 22,791 thousand rupees for the quarter, a decrease from a loss of 4,251 thousand rupees in 2023.
The loss per share for the quarter was 0.73 rupees, compared to a loss of 0.14 rupees per share in the corresponding quarter of the previous year.