Cnergyico posts 98% higher loss in nine months

April 30, 2025 (MLN): Cnergyico PK Limited (PSX: CNERGY) reported a loss after taxation of Rs1.76 billion [LPS: Rs0.32] for the nine months ended March 31, 2025, marking a 98.47% increase in losses compared to a loss of Rs885.88 million [LPS: Rs0.16] in the same period last year (SPLY).

According to the consolidated results, the company’s revenue from contracts with customers saw a significant increase of 48.71% year-on-year (YoY), reaching Rs279.78bn as compared to Rs188.14bn in SPLY.

However, after accounting for discounts, taxes, levies, and duties, net revenue from customers amounted to Rs218.07bn, a 41.31% YoY growth compared to Rs154.32bn in the same period last year.

The cost of sales also saw a rise of 45.61%, reaching Rs213.77bn, up from Rs146.81bn in SPLY. As a result, the company’s gross profit dropped by 42.80%, standing at Rs4.3bn compared to Rs7.52bn in the previous year.

The company’s operating profit declined by 59.58%, reaching Rs2.41bn from Rs5.97bn in the same period last year.

This was primarily due to a significant drop in other income, which fell by 84.77% YoY to Rs355.96m, down from Rs2.34bn in the previous period.

On the expense side, the company reported an increase in administrative expenses by 17.76% YoY, reaching Rs1.35bn compared to Rs1.14bn in SPLY.

Selling and distribution expenses also rose by 14.41%, reaching Rs495.48m.

The company’s finance costs saw a notable decrease of 47.30% YoY, standing at Rs3.75bn compared to Rs7.12bn in SPLY, largely due to reduced interest rates.

On the tax front, the company paid a higher final tax and minimum taxes worth Rs1.24bn, up 40.03% from Rs883.33m in the corresponding period last year.

Income tax expenses, however, saw a decrease of 28.75%, amounting to Rs816.91m as compared to Rs1.15bn in SPLY.

The loss attributable to equity holders of the parent company increased by 100.69%, reaching Rs1.74bn compared to a loss of Rs866.1m in the same period last year.

Non-controlling interest saw a minimal increase in loss, reaching Rs20.01m compared to Rs19.79m in SPLY.

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