CNERGY incurs Rs1.6bn loss in three months

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MG News | 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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