Karachi: Baluchistan Wheels Limited has disclosed its financial results for the third quarter ended September 30, 2024, revealing a substantial increase in profit after taxation. According to information available from the Pakistan Stock Exchange (PSX), the company's profits surged to Rs. 81.04 million from Rs. 28.17 million in the same quarter the previous year.

The company’s turnover for the quarter reached Rs. 502.97 million, slightly down from Rs. 508.63 million a year earlier. Despite a decrease in turnover, the cost of sales saw a reduction leading to a gross profit of Rs. 113.61 million, significantly higher than the Rs. 44.20 million reported in September 2023. This improvement in gross profit was primarily due to enhanced operational efficiencies and cost management strategies.

Administrative expenses amounted to Rs. 38.93 million, a slight increase from the previous year's Rs. 34.50 million. Selling and distribution costs also rose slightly to Rs. 15.86 million. The company's other income increased to Rs. 44.20 million, contributing to an operating profit of Rs. 95.70 million, a substantial rise from Rs. 22.39 million in the previous year.

After accounting for minimal finance costs and taxation, Baluchistan Wheels Limited's net profit stood impressively at Rs. 81.04 million. The earnings per share (EPS) also improved to Rs. 6.08, up from Rs. 2.11, reflecting the company's strong performance over the quarter.

The quarterly report will be detailed further in PUCARS separately, within the specified time, as the company continues to navigate its financial trajectory positively.