Avanceon posts Rs20m loss in Q2 2024

By MG News | August 29, 2024 at 04:20 PM GMT+05:00

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August 29, 2024 (MLN): The bottom line of Avanceon Limited (PSX: AVN) turned red in Q2 2024 as it witnessed a loss of Rs 20.11 million [EPS: Rs12.15], compared to a profit of Rs209.48m [EPS: Rs2.75] in the same period last year (SPLY).

Going by the consolidated results, the company's top line marked an increase of 2.37x YoY to Rs823m as compared to Rs346.5m in SPLY.

The cost of sales also rose by 57.37% YoY but was lesser than proportionate to sales increase, which improved the gross profit by 59x YoY to Rs285.22bn in Q2 2024.

During the review period, other income dropped by 98.86% YoY to Rs13.69m as compared to Rs1.2bn in SPLY.

On the expense side, the company observed a decline in administrative and selling expenses by 80% YoY to Rs192.72m.

The company’s finance cost expanded by 13.55% YoY to stand at Rs46.45m as compared to Rs40.9m in SPLY, mainly due to higher interest rates.

Consolidated (un-audited) Financial Results for year ended June 30, 2024 (Rupees in '000)
	Jun-24	Jun-23	% Change
Sales – Net	822,900	346,514	137.48%
Cost of sales	-537,676	-341,674	57.37%
Gross Profit / (Loss)	285,224	4,840	5793.06%
Administrative and selling expenses	-192,720	-970,674	-80.15%
Share of profit from Joint Venture	-67,368	-1,664	3948.56%
Other Income	13,696	1,206,619	-98.86%
Finance Cost	-46,451	-40,907	13.55%
Profit before taxation	-7,620	198,214	-
Final Tax	1,386	625	121.76%
Minimum Tax	-13,885	10,650	-
Net profit / (loss) for the period	-20,119	209,489	-
Basic earnings/ (loss) per share	-0.05	0.54	-

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