BGL’s net loss soars 155% in H1FY25 despite record revenue growth
MG News | February 24, 2025 at 10:15 AM GMT+05:00
February 24, 2025 (MLN): Balochistan Glass Limited (PSX: BGL) reported a significant increase in its net loss for the six-month period ending December 31, 2024, recording a loss of Rs458.29 million [LPS: Rs1.75], reflecting a 155.46% increase compared to the loss of Rs179.39mn [LPS: Rs0.69] in the same period last year (SPLY).
Despite this, the company's revenue witnessed an extraordinary surge of 5272.74% YoY, reaching Rs625.87mn from Rs11.65mn in SPLY.
However, the sharp rise in the cost of sales, which jumped by 798.75% YoY to Rs931.64mn, significantly impacted profitability, leading to a gross loss of Rs305.77mn, up 232.32% YoY.
Administrative and selling expenses also saw a sharp rise of 358.60% YoY, amounting to Rs36.99mn.
Meanwhile, other income increased significantly to Rs40.13mn, providing some relief.
Operating loss widened to Rs302.64mn, marking a 202.44% YoY increase, while finance costs rose by 84.78% YoY to Rs151.69mn.
Consequently, the company posted a loss before levies and income tax of Rs454.33mn, up 149.41% YoY.
Levies also surged 5258.22% YoY to Rs7.82mn, leading to a pre-tax loss of Rs462.15mn, 153.50% higher than in SPLY.
However, deferred tax relief of Rs3.87mn helped slightly reduce the overall loss.
| Financial Results For The Half Year Ended December 31, 2024 | |||
| Particulars | Dec-24 | Dec-23 | %Change |
| Sales - Net | 625,870 | 11,649 | 5272.74% |
| Cost of Sales | (931,642) | (103,660) | 798.75% |
| Gross Loss | (305,772) | (92,011) | 232.32% |
| Administrative & Selling Expenses | (36,991) | (8,066) | 358.60% |
| Other Income | 40,127 | 12 | |
| Operating Loss | (302,636) | (100,065) | 202.44% |
| Finance Cost | (151,694) | (82,096) | 84.78% |
| Loss Before Levies & Income Tax | (454,330) | (182,161) | 149.41% |
| Levies | (7,823) | (146) | 5258.22% |
| Loss Before Income Tax | (462,153) | (182,307) | 153.50% |
| Income Tax (Deferred) | 3,865 | 2,913 | 32.68% |
| Loss for the Period | (458,288) | (179,394) | 155.46% |
| Loss Per Share - Basic & Diluted (Rs.) | (1.75) | (0.69) | 153.62% |
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