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Clover Pakistan reports 54.47% YoY decrease in net loss for 1HFY24

Clover Pakistan reports 54.47% YoY decrease in net loss for 1HFY24
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February 26, 2024 (MLN): Clover Pakistan Limited (PSX: CLOV) has reported a net loss of Rs8.27m [LPS: Rs1.27] in 1HFY24, 54.47% YoY down from the loss of Rs18.16m [LPS: Rs0.58] recorded in the same period last year (SPLY).

Going by the results, the company's top line fell massively by 77.91% YoY to Rs13.19m as compared to Rs59.73m in SPLY.

The company's gross profit improved to Rs8.08 million as the decline in the cost of goods sold was greater than the drop in sales.

Accordingly, the gross margins of CLOV improved to 61.24% as compared to 6.50% in SPLY.

The expense section under the income statement shows that Clover observed a decrease in Administrative & selling expenses by 27.13% YoY clock in at Rs18.11m during the review period.

Whereas on the other hand, the other expenses grew 12.97% YoY to Rs0.54 in 1HFY24.

A major blow to the company during this review period was that its other income contracted by 30.53% YoY to stand at Rs2.54m in 1HFY24 as compared to Rs3.66m in SPLY.

On the tax front, the company paid a lower tax worth Rs0.24m against the Rs0.37m paid in the corresponding period of last year, depicting a fall of 33.97% YoY.

Condensed interim Financial Results for half year ended 31 December, 2023 (Rupees in '000)
  Dec 23 Dec 22 % Change
Net Sales 13,193 59,733 -77.91%
Cost of sales (5,113) (55,849) -90.84%
Gross Profit 8,080 3,884 108.03%
Administrative & selling expenses (18,108) (24,849) -27.13%
Other Income 2,544 3,662 -30.53%
Other expenses (540) (478) 12.97%
Finance cost (2) (13) -84.62%
Profit before taxation (8,026) (17,794) -54.89%
Taxation (243) (368) -33.97%
Net profit for the period (8,269) (18,162) -54.47%
Basic earnings/ (loss) per share (1.27) (0.58)

Amount in thousand except for EPS

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Posted on: 2024-02-26T16:54:46+05:00