Avanceon posts Rs20m loss in Q2 2024
MG News | August 29, 2024 at 04:20 PM GMT+05:00
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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