KARACHI: Exide Pakistan Limited more than doubled its profit on the back of improved gross margins during the quarter ended June 30, 2014, says a notification sent to the Karachi Stock Exchange on Monday.
The largest manufacturer of Lead Acid Electric Storage Batteries in the country, Exide earned after-tax profit of Rs215 million or Rs27.74 per share during April-June 2014, up 111% compared to Rs102 million or Rs13.16 per share in the same quarter of 2013.
A subsidiary of London-based Chloride Group – the world’s largest manufacturer of rechargeable lead acid batteries – Exide produces a wide range of batteries for cars, tractors, trucks, buses, earth-moving equipment and off-the-road vehicles.
The strong growth in the company’s profitability was driven by higher sales growth and improved margins.
Exide’s revenues for the April-June quarter clocked in at Rs4.5 billion, up 77% over the same period of previous year, shows the company’s financial results. Its gross margin for the quarter was 13%, an improvement of 1.4 percentage points compared to 11.6% in the corresponding period of 2013.
A sharp increase in other income also contributed to the improved profitability. The company reported other income at Rs1.8 million, up by a staggering 892% compared to Rs183,000 in the corresponding period of 2013.
Published in The Express Tribune, July 29th, 2014.
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