Karachi, Waves Home Appliances Limited (WHALE) unveiled its financial results for the half-year period ending on June 30, 2023. The Board of Directors convened on August 9, 2023, to approve the company's condensed interim financial statements for the specified period.

Despite the challenging market conditions, WHALE managed to maintain a steady financial performance. The sales figures for the six-month period ending in June 2023 show a net sale of Rs. 2,473.5 million, compared to Rs. 5,576.4 million during the same period in the previous year. The cost of sales was recorded at Rs. 1,863.9 million, leading to a gross profit of Rs. 609.6 million.

Expenses related to marketing, selling, and distribution amounted to Rs. 120.5 million, while administrative expenses stood at Rs. 116.9 million. The company also reported other expenses totaling Rs. 33.8 million. On the positive side, WHALE managed to generate other income amounting to Rs. 15.3 million.

After accounting for all these financial components, the company's profit from operations was calculated at Rs. 353.7 million. However, this was offset by finance costs amounting to Rs. 248.3 million. Consequently, the profit before taxation for the period stood at Rs. 105.4 million.

Taking into account the taxation provisions, the company reported a profit of Rs. 72.1 million for the period after taxes. This marks a decline from the previous year's figure of Rs. 290.2 million for the same period.

WHALE's earnings per share (EPS) for the half-yearly period were recorded at Rs. 0.27, both on a basic and diluted basis, compared to Rs. 1.08 in the corresponding period of the previous year.