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Khairpur: Khairpur Sugar Mills Limited has released its unaudited financial results for the third quarter ended June 30, 2024, showing a notable increase in sales and profitability compared to the previous year.
For the nine months ended June 30, 2024, the company reported net sales of Rs. 9,655.73 million, a significant rise from Rs. 4,141.54 million in the same period in 2023. The third quarter alone saw net sales of Rs. 1,836.50 million, compared to Rs. 435.67 million in 2023. According to information available from the Pakistan Stock Exchange (PSX), this surge reflects a strong market demand and operational efficiency.
The cost of sales for the nine months was Rs. 8,698.55 million, leading to a gross profit of Rs. 957.18 million, up from Rs. 600.29 million in the previous year. The third quarter gross profit stood at Rs. 112.97 million, a decrease from Rs. 203.88 million in the third quarter of 2023.
Administrative and distribution expenses totaled Rs. 289.24 million for the nine-month period, slightly down from Rs. 299.90 million the previous year. This resulted in an operating profit of Rs. 667.95 million, more than double the Rs. 300.39 million reported in the previous year’s corresponding period.
Other income was reported at Rs. 6.82 million, while financial charges amounted to Rs. 354.90 million, impacting the net profit before taxation, which stood at Rs. 319.87 million. After accounting for taxation of Rs. 148.86 million, the profit after taxation was reported as Rs. 171.01 million for the nine months ended June 2024, compared to Rs. 62.26 million in the same period last year.
The third quarter, however, showed a loss before tax of Rs. 69.22 million, turning around with tax credits to a minimal comprehensive loss of Rs. 4.20 million. This contrasted with a profit of Rs. 38.97 million in the same quarter the previous year.
Earnings per share for the nine months were Rs. 10.69, compared to Rs. 3.89 in 2023, reflecting the overall improved performance of the company during this period.