ACPL profit shrinks 96%, hits Rs61.9m in Q3 CY24

October 18, 2024 (MLN): Attock Cement (Pakistan) Limited (PSX: ACPL) saw its quarterly earnings shrank 96% to Rs61.91 million [EPS: Rs0.45] compared to a profit of Rs1.54bn [EPS: Rs11.23] in the same period last year (SPLY).

The primary reason for this drastic change in profits is the company's gain on disposal of Rs2.2 billion in Q3 CY23.

Hence, if we exclude this adjustment from Q3 CY23, the company has transitioned to a profit from a loss of Rs653.1m in that quarter.

ACPL's top line decreased by 3.5% to Rs6.43bn as compared to Rs6.66bn in Q3 CY23.

As the decline in sales outpaced the reduction in the cost of sales, gross profit dropped by 3.4% to Rs1.1bn in Q3 CY24.

During the period under review, other income increased by 8.7% to stand at Rs29.71m in Q3 CY24 as compared to Rs27.32m in SPLY.

On the expense side, the company's administrative expenses fell 4.8% YoY to Rs191.34m, while other operating expenses plunged 80% YoY to Rs5m.

Conversely, distribution cost rose 34.1% YoY to Rs731.32m,

The company’s finance costs surged by 252.3%, contributing to the decline, reaching Rs131.55 million compared to Rs37.34 million in the same period last year (SPLY), primarily due to higher interest rates.

On the tax front, the company paid a lower tax worth Rs3.73m against the Rs1.01bn paid in the corresponding period of last year.

Amount in thousand except for EPS

Copyright Mettis Link News