Karachi: KSB Pumps Company Limited has reported its financial results for the third quarter ended September 30, 2024, revealing a significant profit despite facing operational challenges. The data, released to the Pakistan Stock Exchange, shows that the company has managed to achieve a profit, contrasting with the loss incurred during the same period last year.

In the quarter ending September 2024, KSB Pumps achieved sales of 1.38 billion rupees, showing a marginal increase from the 1.36 billion rupees recorded in the third quarter of 2023. The cost of sales also rose to 1.13 billion rupees from 1.12 billion rupees a year ago. However, despite these increasing costs, the company reported a gross profit of 246.22 million rupees, up from 232.85 million rupees in the previous year.

Distribution and marketing expenses remained relatively stable at 123.97 million rupees compared to 113.61 million rupees in 2023. The company also saw a decrease in other operating expenses, which helped improve the bottom line. According to information available from the Pakistan Stock Exchange (PSX), KSB Pumps' net impairment gains on financial assets contributed positively, showing a net gain of 35.36 million rupees, a stark improvement from the minor gain of 4.26 million rupees last year.

The company's profit from operations for the quarter stood at 62.87 million rupees, compared to 53.17 million rupees in the third quarter of 2023. The finance costs were significantly reduced from 102.15 million rupees last year to 70.62 million rupees, aiding the pre-tax profit which reached 31.88 million rupees, recovering from a pre-tax loss of 54.40 million rupees the year prior.

Income tax expenses further reduced the net profit, where the company reported a loss of 2.20 million rupees for the current tax year, but still managed to end the quarter with a net profit of 29.69 million rupees. This marks a turnaround from a net loss of 54.36 million rupees in the same period last year.

For the cumulative nine months of 2024, the company has encountered more severe challenges, reporting a comprehensive loss of 139.34 million rupees, compared to a loss of 42.93 million rupees in the same period of 2023.

Despite these challenges, the company reported earnings per share of 0.96 rupees for the quarter, a recovery from a loss per share of 4.12 rupees in the third quarter of last year.