Hi-Tech Lubricants profit jumps

Hi-Tech Lubricants profit stood at Rs2.52 million in the same quarter of last year

KARACHI: Hi-Tech Lubricants’ consolidated profit increased over 16 times to Rs41.93 million due to uptick in sales and other income coupled with drop in finance cost in the quarter ended March 31, 2020, according to a bourse filing on Wednesday.

The profit stood at Rs2.52 million in the same quarter of last year, the company reported to the Pakistan Stock Exchange (PSX). Earnings per share increased to Rs0.36 in the Jan-Mar 2020 quarter from Rs0.02 in the corresponding quarter of last year.

Net sales improved 3% to Rs1.63 billion in the quarter under review compared to Rs1.58 billion last year.

Other income rose to Rs25.44 million compared to Rs22.39 million last year. Finance cost decreased to Rs64.54 million in Jan-Mar 2020 compared to Rs97.20 million in the same period of previous year. Cumulatively, in nine months ended March 31, 2020, the company’s consolidated loss dropped three times to Rs92.43 million (loss per share Rs0.80) compared to Rs269.37 million (loss per share Rs2.32) in the same period of last year.

Published in The Express Tribune, April 30^th, 2020.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.