Tuesday, September 10 2024

Millat profit surges
Millat Tractors Ltd (MTL) reported on Monday that its profit after tax surged almost three times to Rs10.63 billion in FY24 compared to Rs3.55bn in FY23. Revenue from contracts with customers rose to Rs95bn in FY24 from Rs47bn in the preceding year. According to Topline Securities, MTL did not announce a final cash dividend, falling short of industry expectations. This is due to the pending approval of the merger scheme between MTL and Millat Equipment Ltd (MEL) by the Lahore High Court (LHC). As per the merger scheme, MTL cannot pay dividends until the LHC grants approval.
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Related symbols: mtl (news stock)

Wednesday, September 04 2024

Millat Tractors to resume production tomorrow
Millat Tractors Ltd (MTL) will resume production activities on Thursday. In a stock filing on Tuesday, the company said sales would continue to be restricted until the Federal Board of Revenue (FBR) clarifies the sales tax refund procedure and applicability. MTL suspended tractor production on Aug 22 till further notice due to the government’s failure to issue a mechanism for payment of refund claims. The general sales tax (GST) on tractors is 10 per cent and the GST on all input raw materials is 18pc, resulting in a continuous stream of refunds.
Related news categories: auto-assembler business economic-indicators psx stock-exchanges
Related symbols: mtl (news stock)