CNERGY incurs Rs1.6bn loss in three months
MG News | October 28, 2024 at 03:35 PM GMT+05:00
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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