Qudsia Bano

Bolan Castings Limited’s revenue from sales decreased by 32% to Rs930 million in the first six months of the ongoing financial year 2022-23 (6MFY23) from Rs1.4 billion in the corresponding period of the previous fiscal. Similarly, the gross profit of the company decreased by 75% to Rs26 million in 6MFY23 from Rs106.45 million recorded in 6MFY22. The company bore a net loss of Rs66 million in the first six months of the fiscal year compared to a profit of Rs4.9 million in the corresponding period of the previous year, reports WealthPK.

Performance in 2021-22

During the fiscal year 2021-22, the company’s gross sales increased 14% to Rs2.75 billion from Rs2.4 billion in FY21. The gross profit for FY22 stood at Rs215 million, down 29% from Rs303 million in FY21. Compared to FY21, when the profit-before-tax was Rs171 million, this profit decreased to Rs54.7 million in FY22. Compared to Rs132.38 million for FY21, the net profit also dropped to Rs15.3 million in FY22, posting a massive 88% decrease year-on-year, reports WealthPK.

In FY21, the EPS of the company stood at Rs11.54, but decreased to Rs1.34 in FY22.

About the company

Bolan Castings Limited manufactures and sells castings for tractors and automotive parts. Its product range covers the tractor, automobile and engineering industries, among others. The company has two foundry plants. Its foundry in Hub, Balochistan, manufactures tractor castings such as cylinder blocks, cylinder heads, centre housings, transmission cases, and truck/bus castings like brake drums and hubs.

Credit: Independent News Pakistan-WealthPk