Avanceon Q1 2024 profit drops 91% YoY

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

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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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