KARACHI: Al-Ghazi Tractors Limited’s (AGTL) profit improved 6.5% to Rs718.32 million in the second quarter ended June 30, 2018 owing to increased volumetric sales and rupee devaluation, according to a notice sent to the Pakistan Stock Exchange (PSX) on Wednesday.
The firm registered a profit of Rs674.64 million in the same quarter last year.
Accordingly, earnings per share enhanced to Rs12.39 compared to Rs11.64 last year.
Board of directors recommended an interim cash dividend of Rs30 per share. The entitlement will be paid to the shareholders whose names will appear in the register of members on August 21, 2018. Its share price increased 0.43%, or Rs3, to close at Rs699 with 11,150 shares changing hands.
“AGTL witnessed volumetric growth of 18%, however, decline in gross margins restricted earnings growth (in the quarter on a year-on-year basis),” BIPL Securities said in a communiqué to its clients.
Published in The Express Tribune, August 2nd, 2018.