August 24, 2012: The profit after tax of Millat Tractors Limited has declined to Rs 1.977 billion in the year ended June 30, 2012 (FY12) as compared to Rs 2.670 billion earned in FY11. The company’s earning per share reduced to Rs 54.03 in the period under review against Rs 72.96 in the same period last year.
The board of directors of the company in its meeting held on August 17, 2012 recommended a final cash dividend for the year at Rs 40 per share ie 400 percent. This is in addition to interim dividend already paid at Rs 25 per share ie 250 percent.
According to the financial results sent to Karachi Stock Exchange, the company’s net sales decreased to Rs 20.133 billion in FY12 against Rs 24.863 billion in FY11 while the cost of sales reduced to Rs 16.699 billion against Rs 20.431 billion. The company’s distribution cost stood at Rs 3.433 billion against Rs 4.431 billion. The company’s profit before taxation declined to Rs 2.875 billion in FY12 against Rs 3.914 billion in FY11.