CNERGY incurs losses of Rs1.6bn in 1HFY22

MG News | February 22, 2022 at 02:40 PM GMT+05:00

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February 22, 2022 (MLN): Cnergyico PK Limited (PSX: CNERGY) has unveiled its financial results for the period of half year ended on December 31, 2021, as per which the company booked net losses of Rs1.6 billion against the net profit of Rs622 million earned in the same period last year.

This is reflected in the company’s loss per share which clocked in at Rs0.3 per share compared to earning per share of Rs0.12 in 1HFY20.

Though net turnover of the company has expanded by 18.74% YoY to clock in at Rs78bn in 1HFY22 the huge increase in the cost of sales has squeezed the gross margins to 2% from 4% in 1HFY21.

Drilling further, the administrative expenses saw an up of 9.68% YoY to stand at Rs531mn during the review period, while selling and distribution expenses witnessed a meagre increase of 1.5% YoY to Rs285mn.

On the other hand, the operating expenses dropped by 4% YoY to stand at Rs698mn in 1HFY21.

In addition, the company also paid Rs358mn in terms of taxation compared to the tax credit worth Rs99mn received in 1HFY21.

Consolidated Profit and Loss Account for the Half Year ended December 31, 2021 ('000 Rupees)
	Dec-21	Dec-20	% Change
Turnover - net	77,955,563	65,654,271	18.74%
Cost of sales	(76,742,250)	(62,823,241)	22.16%
Gross profit	1,213,313	2,831,030	-57.14%
Administrative expenses	(531,406)	(484,527)	9.68%
Selling and distribution expenses	(289,375)	(285,064)	1.51%
Other expenses	(698,594)	(728,548)	-4.11%
Other income	491,309	512,719	-4.18%
	(1,028,066)	(985,420)	4.33%
Operating profit/(Loss)	185,247	1,845,610	-89.96%
Finance cost	(1,434,504)	(1,322,699)	8.45%
Loss before taxation	(1,249,257)	522,911	-
Taxation	(358,267)	99,043	-
Loss/Profit after taxation	(1,607,524)	621,954
Loss per ordinary share - basic and diluted (rupees)	(0.3)	0.120

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