Karachi: Panther Tyres Limited has reported a decline in its profit for the half-year ended December 31, 2024. The company revealed its financial performance, showing a decrease in profit after taxation to 184.62 million from 455.96 million in the same period the previous year. This drop comes despite an increase in revenue from contracts with customers, which rose to 15.71 billion from 14.47 billion.

The company's financial statement indicates that the cost of sales increased to 13.80 billion from 12.22 billion, impacting the gross profit, which fell to 1.91 billion from 2.25 billion. Selling and distribution expenses decreased to 552.67 million from 696.36 million, while administrative expenses rose to 228.85 million from 182.56 million. Other operating expenses significantly decreased to 20.69 million from 133.64 million.

According to information available from the Pakistan Stock Exchange (PSX), Panther Tyres' profit from operations fell to 1.15 billion from 1.28 billion. The finance cost increased to 872.79 million from 638.01 million. As a result, the profit before income tax and minimum/final taxes decreased to 274.82 million from 643.00 million.

After accounting for a minimum tax differential and final tax of 150.22 million, the profit before income tax stood at 124.60 million, down from 467.23 million the previous year. Taxation for the period resulted in a credit of 60.02 million compared to a charge of 11.27 million in the prior year, leading to a profit after taxation of 184.62 million.

Panther Tyres also reported total comprehensive income of 184.62 million, significantly down from 483.92 million in the same period last year. Earnings per share were recorded at 1.10, a decline from 2.71 in the previous year.

The company's performance in the three-month period ending December 31, 2024, also showed a decrease in profit after taxation to 116.44 million from 154.63 million, despite an increase in revenue to 7.69 billion from 6.54 billion.