GTCO sees drop in quarterly profit amidst rise in revenue

This led to an increase in revenue by 12.6% more when compared to the same time period the year before.

In contrast, the lender in the same time period equally saw an increase in its interest expense, which climbed up to 70.7%, that is a 26.2% increase in depreciation and amortization.

The cost of its operation jumped to #29.3 billion due to an increase in AMCON expenses. Other costs that contributed to the fall in profit include administrative, sponsorship, and communications related expenses.

The company’s pre-tax profit came to #54.3 billion, 1.1% higher over the figure for the corresponding quarter of 2022, its after-tax profit shrinked by 5.1% to #43.2 billion.

The company, in February, concluded a deal for the full buyout of Investment One Funds Management Limited and Investment One Pension Managers Limited, which are both units of Investment One Financial Services Limited.

With this move, the company is seeking to expand into asset management. The move marked its first acquisition since it transformed into a holding company.

The company’s shares dropped by 1.42% after the news of its earnings report.

Source link

Leave a Reply

Your email address will not be published.