Karachi: Hi-Tech Lubricants Limited (HTLL) has disclosed its financial performance for the quarter ended September 30, 2023, to the Pakistan Stock Exchange, revealing mixed results.

In its unconsolidated condensed interim statement of profit or loss, HTLL reported a gross revenue from contracts with customers of PKR 4,533,631,542 for Q3 2023, compared to PKR 4,326,639,793 in the same period the previous year. However, after accounting for discounts, sales tax, and cost of sales, the company's net revenue decreased to PKR 3,999,510,408, with a gross profit of PKR 305,462,828. Administrative expenses and distribution costs further reduced profits, leading to a loss after taxation of PKR 116,954,834, translating to a loss per share of PKR 0.84. This marks a decrease from the loss after taxation of PKR 100,797,544 and a loss per share of PKR 0.72 reported in Q3 2022.

On a consolidated basis, including its subsidiary company, HTLL’s financial performance showed a gross revenue from contracts with customers of PKR 5,017,162,047 for Q3 2023. After discounts, sales tax, and cost of sales, the net revenue stood at PKR 4,080,914,806 with a gross profit of PKR 547,928,030. Despite higher distribution and administrative expenses, the consolidated entity managed a profit from operations of PKR 181,305,246. However, after accounting for finance costs and taxation, the company reported a loss after taxation of PKR 56,700,031, resulting in a loss per share of PKR 0.41. This is a significant improvement from the loss after taxation of PKR 280,319,615 and a loss per share of PKR 2.01 in the same quarter of the previous year.

HTLL's financial results reflect a challenging operating environment, with increased gross revenues offset by higher costs and expenses, ultimately impacting profitability.