Avanceon Q1 2024 profit drops 91% YoY
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MG News | May 03, 2024 at 09:46 AM GMT+05:00
May 03, 2024 (MLN): Avanceon Limited's (PSX: AVN) profit after tax plummeted 91.5% YoY to Rs70.4 million [EPS: Rs0.19] in the first quarter of 2024, compared to a profit of Rs823.06m [EPS: Rs2.19] in the same period last year (SPLY).
Going by the results, the company's revenue increased by 64.5% YoY to Rs532.52m as compared to Rs323.79m in SPLY.
The cost of sales also rose by 42.0% YoY but was lesser than proportionate to sales rise, which improved the gross profit by over 2x YoY to Rs242.21m in Q1 2024.
The gross margins improved to 45.48% as compared to 36.86% in SPLY.
However, during the period under review, other income marked a decline of 99.9% YoY to stand at Rs0.73m in Q1 2024 as compared to Rs837.09m in SPLY.
The company’s finance cost deflated by 1.4% YoY and stood at Rs34.47m as compared to Rs34.95m in SPLY.
On the tax front, the company paid a lower tax worth Rs17.91m against the Rs28.32m paid in the corresponding period of last year, depicting a decrease of 36.8% YoY.
| Unconsolidated (un-audited) Financial Results for quarter ended March 31, 2024 (Rupees in '000) | |||
|---|---|---|---|
| Mar 24 | Mar 23 | % Change | |
| Sales | 532,516 | 323,791 | 64.46% |
| Cost of sales | (290,307) | (204,426) | 42.01% |
| Gross Profit/ (loss) | 242,209 | 119,365 | 102.91% |
| Administrative Expenses | (90,027) | (68,472) | 31.48% |
| Other Income | 731 | 837,086 | -99.91% |
| Other Operating Expenses | (30,140) | (1,655) | 1721.15% |
| Finance Cost | (34,466) | (34,952) | -1.39% |
| Profit/ (loss) before taxation | 88,307 | 851,372 | -89.63% |
| Taxation | (17,908) | (28,316) | -36.76% |
| Net profit/ (loss) for the period | 70,399 | 823,056 | -91.45% |
| Basic earnings/ (loss) per share | 0.19 | 2.19 | - |
Amount in thousand except for EPS
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