Lahore: Bata Pakistan Limited announced its financial results for the second quarter and first half of the year ended June 30, 2024. According to information available from the Pakistan Stock Exchange (PSX), the company reported a decrease in profit and revenue compared to the previous year.

The company's revenue from contracts with customers for the three months ending June 30, 2024, was 5.04 billion rupees, down from 5.85 billion rupees during the same period last year. For the six-month period, revenue decreased to 9.54 billion rupees from 9.96 billion rupees. This reduction in revenue has been accompanied by a decrease in net profit, with the company posting 256.49 million rupees for the quarter and 470.95 million rupees for the half year, compared to 285.66 million rupees and 410.56 million rupees in the corresponding periods last year.

The cost of sales showed a relative decrease, falling from 3.19 billion rupees to 2.67 billion rupees for the quarter and from 5.15 billion rupees to 4.93 billion rupees for the half year. Despite this, gross profit also declined from 2.66 billion rupees in Q2 2023 to 2.37 billion rupees in Q2 2024 and from 4.81 billion rupees to 4.61 billion rupees for the half-year periods.

Distribution costs and administrative expenses remained significant, amounting to 1.41 billion rupees and 491.12 million rupees respectively for the quarter. Other expenses and finance costs contributed further to the financial strain, with finance costs reaching 172.14 million rupees for the quarter.

The Board of Directors confirmed that there would be no cash dividends, bonus issues, rights shares, or any other entitlements for the shareholders for the current period.

The earnings per share also saw a decline, with the basic and diluted earnings per share falling from 37.79 rupees at the end of the second quarter in 2023 to 33.93 rupees in 2024, and from 54.31 rupees to 62.29 rupees for the half-yearly comparison.

The detailed financial report for the second quarter and first half of 2024 will be transmitted through PUCARS, within the specified time as set by regulations.