Mitchell’s Fruit Farms Reports Mixed Financial Results for Q1 2024

Lahore, Mitchell’s Fruit Farms Limited has disclosed its financial performance for the three-month and nine-month periods ending March 31, 2024, as reported to the Pakistan Stock Exchange. The company witnessed a considerable increase in net profits for the first quarter of the year, despite facing challenges in the previous fiscal periods.

For the nine-month period ended March 31, 2024, the company reported sales totaling 2,097,918,460 Rupees, up from 2,050,195,736 Rupees in the corresponding period last year. The cost of sales showed a decrease, amounting to 1,488,221,745 Rupees compared to 1,522,369,369 Rupees previously, resulting in a gross profit of 609,696,715 Rupees, up from 527,826,367 Rupees.

Administrative expenses were slightly down at 151,069,192 Rupees from 154,306,097 Rupees, while distribution and marketing expenses decreased significantly from 324,554,125 Rupees to 227,139,245 Rupees. Other operating expenses also decreased markedly to 15,663,534 Rupees from 81,806,134 Rupees.

Other income for the company was reported at 30,948,667 Rupees, a decrease from 89,576,402 Rupees in the prior year. Finance costs increased to 79,139,151 Rupees from 56,162,153 Rupees.

Before taxation, the company recorded a profit of 167,634,260 Rupees, a stark contrast to a marginal profit of 574,260 Rupees in the previous period. After accounting for taxation expenses of 27,632,156 Rupees, Mitchell’s Fruit Farms posted a net profit of 140,002,104 Rupees for the nine months, recovering from a loss of 25,157,853 Rupees year-over-year.

For the quarter ended March 31, 2024, sales were slightly lower at 692,762,049 Rupees compared to 725,161,683 Rupees in the previous year. The company achieved a net profit of 61,522,688 Rupees for the quarter, improving from 32,440,234 Rupees last year, with earnings per share of 2.69 Rupees.