Profit after tax of Millat Tractors increases

KARACHI (September 04 2010): The profit after tax of Millat Tractors Limited has increased to Rs 2.284 billion in the year ended June 30, 2010 (FY10), as compared to Rs 1.215 billion earned in the corresponding period in FY09. The company’s earning per share surged to Rs 78.01 in the period under review against Rs 41.49 in the same period a year back.

The board of directors of the company in its meeting held on Friday recommended a final cash dividend for the year at Rs 35 per share ie 350 percent. This is in addition to interim dividend already paid at Rs 30.00 per share ie 300 percent. The board also recommended issuing bonus shares in the proportion of one share for every four ordinary shares held ie 25 percent.

According to the financial results sent to Karachi Stock Exchange (KSE), the company’s net sales increased to Rs 22.199 billion in FY10 against Rs 15.910 billion in FY09. The cost of sales increased to Rs 18.365 billion against Rs 13.488 billion.

The company’s distribution and marketing expenses declined to Rs 398.351 million against Rs 423.241 million however administrative expenses slightly increased to Rs 292.340 million against Rs 242.788 million. The company’s profit before taxation increased to Rs 3.336 billion in the year FY10 against Rs 1.752 billion recorded in the same period in FY09.