Waves Home Appliances Limited Reports First Quarter Financial Results

Karachi, Waves Home Appliances Limited (WAVESAPP) announced its first-quarter financial results for the period ending March 31, 2024, following a board meeting on April 30, 2024. The company disclosed no dividends, rights, bonuses, or other entitlements for shareholders.

In the reporting period, Waves Home Appliances Limited posted a profit of 26,103 thousand rupees, marking an increase from the 6,163 thousand rupees recorded in the same period last year. The basic and diluted earnings per share also improved to 0.10 rupees from 0.02 rupees. Despite a drop in sales from 1,381,116 thousand rupees in the previous year to 1,144,160 thousand rupees, the company managed to reduce its overall costs. The gross profit for the quarter stood at 215,602 thousand rupees compared to 284,445 thousand rupees last year.

The company’s operating expenses encompassed marketing, selling, and distribution costs totaling 51,151 thousand rupees, and administrative expenses at 46,426 thousand rupees. Other expenses were reported at 4,504 thousand rupees while other income generated during the quarter amounted to 19,420 thousand rupees. The company also noted a finance cost of 82,661 thousand rupees, and a tax expense of 99,660 thousand rupees.

Waves Home Appliances Limited has stated that its quarterly report will be available on the company’s official website and through PUCARS.