Thal Industries Announces Third Quarter Financial Results

Lahore: The Thal Industries Corporation Limited has released its financial results for the third quarter ending June 30, 2024. The company reported a profit after taxation of PKR 636.07 million, a decrease from PKR 1.55 billion in the corresponding quarter last year.

In the meeting held on July 23, 2024, at their Lahore office, the Board of Directors detailed financial outcomes which showed a dip in sales from PKR 21.47 billion last year to PKR 20.90 billion this year. The cost of sales saw a marginal increase, amounting to PKR 17.05 billion compared to PKR 16.96 billion in 2023.

The gross profit stood at PKR 3.86 billion, down from PKR 4.50 billion, while operating expenses totaled PKR 998.92 million, reduced from last year’s PKR 1.26 billion. The operating profit was reported at PKR 2.86 billion, a decrease from PKR 3.24 billion in the previous year.

According to information available from the Pakistan Stock Exchange (PSX), other income for the company rose to PKR 352.01 million from PKR 270.77 million last year. However, finance costs more than doubled to PKR 2.12 billion up from PKR 1.13 billion, significantly impacting the bottom line.

The profit before taxation was recorded at PKR 1.01 billion, nearly half of last year’s PKR 2.21 billion. Taxation for the quarter was PKR 378.89 million, lower than the previous year’s PKR 658.85 million. Earnings per share also decreased sharply from PKR 103.37 to PKR 42.34.

The comprehensive income for the period remained consistent with the profit after tax, reflecting no reclassifiable items to the profit or loss.

The quarterly report will be further detailed through PUCARS in a separate transmission.