Pace (Pakistan) swings to Rs528m loss in FY25
MG News | October 07, 2025 at 03:31 PM GMT+05:00
October 07, 2025 (MLN): Pace (Pakistan) Limited (PSX: PACE) reported a loss after tax of Rs528.4 million for the year ended June 30, 2025, a sharp reversal from a profit of Rs1.0bn in FY24.
Loss per share stood at Rs1.89 compared to earnings per
share of Rs4.00 in the prior year.
Net sales declined 11.1% year-on-year to Rs1.58bn from
Rs1.78bn, showing weaker demand, while the cost of revenue increased 12.1% to
Rs1.46bn.
Consequently, gross profit plunged 74.5% to Rs121.7m
against Rs476.9m in FY24, with the gross margin contracting sharply to 7.7%
from 26.8% a year earlier.
Administrative and selling expenses rose 32.4% to
Rs405.1m, while other expenses surged 413.1% to Rs61.2m. Other income dropped
significantly by 61.9% to Rs80.4m from Rs210.9m last year.
As a result, the company recorded a loss from operations
of Rs264.2m, compared to an operating profit of Rs369.9m in FY24.
Finance costs increased 21.4% to Rs318.3m. The company
also reported an exchange loss on foreign currency convertible bonds of
Rs95.1m, compared to a gain of Rs153.5m in the previous year.
Additionally, a gain from change in fair value of
investment property of Rs5.5m was recorded, against a loss of Rs6.8m last year.
Notably, FY24 included one-off items such as a bargain
purchase gain of Rs596.1m, share of loss from associate of Rs163.3m, and a
deemed loss of Rs70.8m, which were absent in FY25.
Loss before income tax and minimum taxes stood at
Rs663.4m versus a profit of Rs670.3m in FY24. Minimum tax decreased 43.6% to
Rs14.6m, while taxation fell 58.9% to Rs149.6m.
The company concluded FY25 with a net loss of Rs528.4m,
driven by compressed margins, higher operating expenses, and adverse foreign
exchange movements.
|
STATEMENT OF PROFIT OR
LOSS FOR THE YEAR ENDED JUNE 30, 2025 (Rs.000) |
|||
|
Description |
2025 |
2024 |
Change% |
|
Net Sales (Revenue) |
1,582,635 |
1,780,578 |
-11.12% |
|
Cost of Revenue |
(1,460,968) |
(1,303,696) |
12.06% |
|
Gross Profit |
121,667 |
476,882 |
-74.49% |
|
Administrative and
selling expenses |
(405,081) |
(305,972) |
32.39% |
|
Other expenses |
(61,214) |
(11,931) |
413.07% |
|
Other income |
80,432 |
210,906 |
-61.86% |
|
Profit / (Loss) from
operations |
(264,196) |
369,885 |
|
|
Finance cost |
(318,265) |
(262,137) |
21.41% |
|
Exchange gain/ (loss) on
foreign currency convertible bonds |
(95,055) |
153,517 |
161.92% |
|
Gain from change in fair
value of investment property |
5,508 |
(6,809) |
|
|
Share of loss from
associate |
- |
(163,331) |
|
|
Deemed loss |
- |
(70,782) |
|
|
Bargain Purchase Gain |
- |
596,097 |
|
|
Commission expense on
contract to sell investment property held for sale |
- |
(10,000) |
|
|
Gain on financing
arrangements |
8,575 |
63,870 |
-86.57% |
|
Profit / (Loss) before
income tax and minimum taxes |
(663,433) |
670,309 |
|
|
Minimum Tax |
(14,586) |
(25,864) |
-43.61% |
|
Profit/ (Loss) before
income tax |
(678,019) |
644,445 |
|
|
Taxation |
149,574 |
363,542 |
-58.86% |
|
Profit/ (Loss) after
Taxation |
(528,445) |
1,007,987 |
|
|
Earning/ (Loss) per
share - basic and diluted |
-1.89 |
4 |
|
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