Karachi August 3 2021: Exide Pakistan Limited management anticipates that the indigenous organized battery industry will face competition due to the capacity expansion of existing battery plants, and the changing market dynamics. Management projects that the profitability in the remaining period of the year will be affected due to an increase in prices of basic raw materials, utilities, wages, and devaluation of Pak Rupee if the corresponding increase in the selling prices is not absorbed by the market.
Production activities were effectively planned and adjusted to cater to the market demand both in terms of quantity and quality. Stress on quality control at all stages of the production process was implemented with great vigor for further strengthening quality standards of the products of your Company.
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Sales Net Sales revenue of the Company during the quarter under review increase by 165.6 percent from PKR 1.732 billion to PKR 4.601 billion on account of an increase in Sales Volume, better sales prices, and improved market demands.
Gross profit for the quarter under review increased from PKR 16.483 million to PKR 477.223 million on account of better sales revenue and improved margins. Selling and distribution expenses increased by 147.7 percent from PKR 122.4 million to PKR 303.1 million due to an increase in Sales Volume of 165.6 percent. Administration and general expenses increased by 24.6 percent from Rs.29.3 million to PKR 36.5 million on account of inflation. Operating profit of PKR 137.6 million recorded as against the loss of Rs.135.2 million in the last year. Financial cost reduced to PKR 50.2 million from PKR 70.1 million on account of fewer borrowings.
Profit before tax for the quarter under view was PKR 82.46 million as compared to a loss before tax of PKR 202.06 million last year. Profit after tax for the quarter under report was PKR 24.95 million compared loss of PKR 228.0 million last year. Profit per share recorded at PKR 3.21 as against the loss of PKR 29.35 in the corresponding period of last year