Karachi, Quice Food Industries Ltd. convened a board meeting at their Karachi office to review and approve the financial results for the third quarter ending March 31, 2024. The board has opted not to issue any cash dividends, bonus shares, or rights shares for this period.
The financial details from the third quarter show a decrease in sales from the previous year, recording 327,423,428 rupees compared to 384,126,481 rupees. Despite reduced sales, the gross profit margin remained relatively stable, with the current quarter reporting 68,766,669 rupees in contrast to 74,273,970 rupees in the prior year.
Administrative and distribution costs combined totaled 43,176,698 rupees, up from 39,357,108 rupees, indicating increased operating expenses. The operating profit for the quarter stood at 25,589,971 rupees, a decrease from the 34,916,862 rupees reported during the same period last year.
Other operating income contributed 1,139,576 rupees, significantly higher than the previous year's 340,423 rupees. After accounting for finance costs and taxation, Quice Food Industries Ltd. posted a net profit of 23,050,654 rupees, down from 30,704,472 rupees last year. The earnings per share for the quarter were reported at 0.23 rupees.
The company has announced that the detailed quarterly report for the period ended March 31, 2024, will be transmitted through the Pakistan Unified Corporate Action Reporting System (PUCARS) within the specified timeframe.