Profit after tax of Al Ghazi Tractors declines

RECORDER REPORT

KARACHI: The profit after tax of Al Ghazi Tractors has declined to Rs1.233 billion in the nine month period ended September 30, 2011 as compared to Rs1.344 billion earned in the same period in 2010.

The board of directors of the company in its meeting held on October 18, 2011 declared that the company's earning per share has reduced to Rs28.72 in the period under review against Rs31.31 in the same period last year.

According to the financial results sent to Karachi Stock Exchange, the company's sales declined to Rs8.747 billion in this period against Rs10.989 billion in the same period last year. The cost of goods sold reduced to Rs7.088 billion against Rs8.863 billion.

The company's profit before taxation declined to Rs1.823 billion in the nine-month period in 2011 against Rs2.047 billion in the same period in 2010.

On quarterly basis, the company's profit after tax declined to Rs101.191 million translating into earning per share of Rs2.36 in the quarter ended September 30, 2011 as compared to after tax profit of Rs346.328 million with per share earning of Rs8.07 in the same quarter in 2010.