CNERGY incurs Rs1.6bn loss in three months

By MG News | Category Q32024 | October 28, 2024 at 03:35 PM GMT+05:00

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October 28, 2024 (MLN): Cnergyico PK Limited (PSX: CNERGY) recorded a loss after tax of Rs1.6 billion [LPS: Rs0.29] during the quarter ending September 2024 as rising costs continued to erode revenue.

However, this was down 37.2% from the loss of Rs2.54bn [LPS: Rs0.46] in the same period last year (SPLY) as expenses fell.

The company's sales rose 70.3% to Rs57.1bn as compared to Rs33.53bn in SPLY. The cost of sales also jumped by 71.3%, worsening the gross profit by 15.6% to Rs329.23m in Q1 FY25.

During the period under review, other income dipped 92.7% to stand at Rs46.86m in Q1 FY25 as compared to Rs645.26m in SPLY.

On the expense side, the company's administrative expenses rose 15.2% from a year ago to Rs421.52m, selling and distribution expenses rose 18.5% to Rs153.58m, and other operating expenses fell 82.6% to Rs128.64m.

The company’s finance cost deflated by 50.7% and stood at Rs1.21bn as compared to Rs2.45bn in SPLY.

Unconsolidated (un-audited) Financial Results for quarter ended September 30, 2024 (Rupees in '000)
	Sep 24	Sep 23	% Change
Sales	57,104,021	33,532,320	70.30%
Cost of sales	(56,774,792)	(33,142,203)	71.31%
Gross Profit/ (loss)	329,229	390,117	-15.61%
Administrative Expenses	(421,518)	(365,761)	15.24%
Selling And Distribution Expenses	(153,580)	(129,562)	18.54%
Other Income	46,859	645,257	-92.74%
Other Operating Expenses	(128,643)	(740,884)	-82.64%
Finance Cost	(1,208,420)	(2,451,002)	-50.70%
Profit/ (loss) before taxation	(1,536,073)	(2,651,835)	-42.08%
Taxation	(62,190)	108,764	-%
Net profit/ (loss) for the period	(1,598,263)	(2,543,071)	-37.15%
Basic earnings/ (loss) per share	(0.29)	(0.46)	-

Amount in thousand except for EPS

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