Air Link Communication’s profit up 533%, stands at over Rs1bn in 3QFY24
Pakistan’s smartphone manufacturer Air Link Communications Limited saw its profit grow by over 533%, clocking in at Rs1.04 billion in the three-month period ended March 31, 2024.
The company posted a profit-after-tax (PAT) of Rs163.5 million in the same period of the previous year, according to the company’s latest consolidated financial statements provided to the Pakistan Stock Exchange (PSX) on Tuesday.
The rise in profit is attributed to the massively higher revenue generated during the period.
The smartphone maker earnings per share (EPS) stood at Rs2.62 in 3QFY24 compared with an EPS of a meagre Re0.42 in 3QFY23.
During 3QFY24, Air Link posted revenue of Rs32.2 billion as compared to Rs8.29 billion in the same period of the previous year, a jump of nearly 289%.
Consequently, the company managed to post a gross profit of Rs3.18 billion in 3QFY24, as compared to a profit of Rs804.9 million registered in same period last year, an increase of 295%.
This translated into a profit margin of 9.86% in 3QFY24, an improvement from 9.71% in SPLY.
During the period, the company saw its administrative and operating expenses rise to Rs586.4 million in 3QFY24, as compared to Rs284.07 million in the previous year.
The company posted an operating profit of Rs2.59 billion during the period.
The finance cost increased to Rs813.64 million in 3QFY24, compared to Rs429.77 million in 3QFY23, an increase of over 89%.
However, despite the rise in cost of financing, the company’s profit before tax stood at Rs1.85 billion in 3QFY24, as compared to Rs207.76 million in SPLY, a jump of over 790%.
During 3QFY24, the company paid Rs3.16 billion in taxation, as compared to Rs1.6 billion in 3QFY23.
The company posted some errors in its financial statements earlier in the day, and gave a revised notice of financials almost three hours later. Its share price saw massive fluctuation during the session on Tuesday, hitting a high of Rs79.99 and a low of Rs73.06.
Comments