- Ashburn, United States
- Mar, 24th, 23
Panther Tyres Limited’s (PTL) gross profit surged by 64% in the second quarter of the Fiscal Year 2022-23 compared to the first quarter (Jul to Sept) of the same year, WealthPK reports. In the second quarter, a gross profit of Rs603 million was reported whereas a Rs367 million gross profit was reported in 1QFY23. The gross profit ratio moved to 12.54% in 2QFY23 from 8.19% reported in 1QFY23. The company reported a 7% increase in revenue in 2QFY23. Sales of Rs4.8 billion were reported in 2QFY23 compared with sales of Rs4.4 billion recorded in 1QFY23.
Increased operational and financial costs caused the company to bear a net loss of Rs267 million. In the second quarter of FY23, the PTL bounced back and ended the quarter with a net profit of Rs131 million. For its shareholders, Panther Tyres Limited produced earnings of Rs0.78 per share in 2QFY23 whereas the company bore a loss of Rs1.59 per share in the first quarter of the same fiscal year.
Since 1983, the company has been engaged mainly in the manufacture and sale of tyres and tubes and related products called automobile parts and accessories on the PSX. With a market capitalisation of Rs2.9 billion, PTL is the fourth largest company in its sector.
Panther Tyres Limited – Profitability 6MFY23
Collective of two quarters of trade, the company’s financial performance in 6MFY23 dipped compared to the corresponding period of the last Fiscal Year 22. The sales value declined to Rs9.3 billion in 6MFY23 compared to the sales of Rs9.4 billion made in 6MFY22. The gross profit shrank from Rs1 billion in 6MFY23 to Rs971 million in 6MFY22. The gross profit-to-sales ratio for 6MFY23 was reported to be 10.44% whereas the GP ratio for the corresponding period in FY22 was 11.02%.
The company reported a net loss of Rs135 million in the six months of the Fiscal Year 23. The net profit ratio of 2.74% dropped to minus 1.45%. The net loss brought a negative EPS value to the company shareholders. The company underwent a loss per share of Rs0.81 in 6MFY23.
Credit: Independent News Pakistan-WealthPk