Pakistan leading Tractor manufacturer – Millat Tractors Limited (MTL) has posted earnings of PKR513mn (EPS:PKR11.6) in 1QFY17 compared to PKR252mn (EPS:PKR5.7) in the same period last year showing an increase of 103%YoY.
According to local research house, the company sales clocked in at PKR4.
7bn in the outgoing quarter showing an increase of 32%YoY. Moreover, company’s gross margins expanded 5.1pps to 21.5% which supported bottom-line.
On a sequential basis, earnings declined 64%QoQ compared to PKR697mn (EPS:PKR15.7) in 4QFY16. This was due to 39%QoQ reduction in sales following reduction in volumetric sales while margins contracted 1.7pps.
It may be mentioned here that last month Millat Tractors Limited in collaboration with Chevron Pakistan Lubricants (Pvt) Ltd (CALTEX) launched new premium oil for multi-grade diesel engine that best suits the tractor performance requirement. The oil is named as “Millat Premium Gold Oil -15W40” which meets the performance standards of API CI-4. The newly developed high quality oil not only enhances the power and performance of the engine but also prolongs the life of tractor engine. The oil broadens time period required for oil change which helps in savings of the farmers.
SM Irfan Aqueel, CEO, Millat Tractors Limited on the occasion said that Millat and Chevron have always endeavoured in providing quality products to its valued customers. He added that the newly launched high quality oil will help to counter the spurious and unbranded engine oils available in the market which drastically affect the performance of tractor engine.