Karachi, Bolan Castings Limited has released its unaudited financial results for the quarter ending March 31, 2024, showing a significant increase in revenue and profits.

For the quarter ended March 31, 2024, Bolan Castings Limited reported revenue from contracts with customers amounting to Rs. 953,702,712, a substantial rise from Rs. 548,536,954 in the same period last year. The cost of sales for the quarter was reported at Rs. 774,765,455, compared to Rs. 492,103,197 for the previous year.

The company's gross profit for the quarter was Rs. 178,937,257, markedly higher than the Rs. 56,433,757 recorded last year. Operating expenses, including distribution and administrative expenses, totaled Rs. 62,338,723, compared to Rs. 30,891,698 in the prior year. Other expenses were reported at Rs. 7,876,482.

Bolan Castings also reported other income of Rs. 6,757,023 during the quarter, a slight increase over the Rs. 2,481,942 reported last year. The company's operating profit for the quarter stood at Rs. 123,355,557, up from Rs. 28,024,001 in the corresponding quarter of 2023.

Finance costs for the quarter were Rs. 14,305,776, a decrease from Rs. 19,054,805 in the same quarter of the previous year. The profit before tax was Rs. 109,049,781, significantly higher than the Rs. 8,969,196 reported last year.

After accounting for an income tax expense of Rs. 40,549,519, Bolan Castings Limited posted a net profit of Rs. 68,500,262 for the quarter, compared to a profit of Rs. 2,046,473 in the same quarter of the previous year. Earnings per share were reported at Rs. 5.97, compared to Rs. 0.18 per share last year.