AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Islamabad: Gammon Pakistan Limited has disclosed a remarkable turnaround in its financial performance for the fiscal year ended June 30, 2024, marking a significant recovery with a net profit after taxation of 42.63 million rupees, a dramatic rise from the previous year’s 7.55 million rupees. This financial resurgence comes despite no contract income reported for the year.
In 2024, Gammon Pakistan Limited experienced a net contract loss of 920.93 million rupees, contrasted starkly against the previous year, where contract income amounted to 6.68 million rupees. The loss is attributed to substantial contract expenditure without corresponding income. Nonetheless, the company managed a slight operating profit after covering expansive general and administrative costs totaling 33.95 million rupees and other operating expenses of 0.75 million rupees.
According to information available from the Pakistan Stock Exchange (PSX), other income for the company totaled 35.14 million rupees, barely offsetting the operating expenses, leading to a net operating profit of 0.48 million rupees. Noteworthy is the net fair value gain on investment property, which stood at 3.44 million rupees, contributing significantly to the bottom line.
Before considering income taxes, the company’s profit was 2.45 million rupees, with income taxes totaling 40.10 million rupees, which underscored the higher profitability before tax deductions. Earnings per share also reflected this positive trend, with a basic and diluted earnings per share of 1.51 rupees, up from 0.27 rupees in the previous year.