Avanceon Q1 2024 profit drops 91% YoY

MG News | May 03, 2024 at 09:46 AM GMT+05:00

0:00

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

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	163,806.22 500.44M	-0.39% -638.50
ALLSHR	99,845.79 1,977.49M	-0.42% -417.42
KSE30	50,123.85 153.24M	-0.68% -343.31
KMI30	238,530.50 71.49M	-0.36% -850.63
KMIALLSHR	65,898.10 543.80M	-0.37% -245.35
BKTi	46,380.96 92.15M	-0.49% -229.01
OGTi	31,857.40 12.33M	-1.20% -387.93

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	106,255.00	109,470.00 103,745.00	-2190.00 -2.02%
BRENT CRUDE	60.92	61.11 60.14	-0.14 -0.23%
RICHARDS BAY COAL MONTHLY	80.50	0.00 0.00	-0.75 -0.92%
ROTTERDAM COAL MONTHLY	93.50	93.50 93.50	0.35 0.38%
USD RBD PALM OLEIN	1,085.00	1,085.00 1,085.00	0.00 0.00%
CRUDE OIL - WTI	56.94	57.09 56.15	-0.05 -0.09%
SUGAR #11 WORLD	15.79	15.88 15.65	-0.01 -0.06%