Profit after tax of MTL increases to Rs 1.188 billion

The profit after tax of Millat Tractors Limited (MTL) has increased to Rs 1.188 billion in the half year period ended December 31, 2010 as compared to Rs 1.035 billion earned in the corresponding period in 2009. The company's earning per share increased to Rs 32.47 in the period under review against Rs 28.29 in the same period a year back. The board of directors of the company in its meeting held on Thursday, approved payment of interim cash dividend at Rs 32.50 per share ie 325 percent.
According to the financial results sent to Karachi Stock Exchange (KSE), the company's net sales increased to Rs 11.831 billion in the half year period in 2010 against Rs 10.409 in the same period in 2009. The cost of sales increased to Rs 9.840 billion against Rs 8.532 billion. The company's profit before taxation increased to Rs 1.729 billion in the half year period against Rs 1.513 billion.