Corporate results: Exide Pakistan doubles quarterly earnings
Income rises on back of improved margins.
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.
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.