Cnergyico reports a massive loss of Rs13.63bn in FY23
MG News | October 02, 2023 at 03:20 PM GMT+05:00
October 02, 2023 (MLN): Cnergyico PK Limited (PSX: CNERGY) has reported a massive loss of Rs13.63 billion [LPS: 2.51] in the fiscal year 2023, compared to a profit of Rs4.12bn [EPS: 0.75] recorded in the Same Period Last Year (SPLY), company's filing on PSX revealed today.
Going by the results, the company's top line went up by 14.06% YoY to Rs193.91bn as compared to Rs170.02bn in SPLY.
The cost of sales rose by 27.92% YoY, a rise greater than proportionate to sales increase which worsened the gross profit to a negative value of Rs10.64bn.
On the expense side, the company observed a fall in Administrative expenses by 13.58% YoY and other expenses by 51.97% YoY to clock in at Rs1.26bn and Rs2.14bn respectively during the review period.
Conversely, the selling and distribution expenses incurred by the company went down by 18.84% YoY to Rs481.17m in FY23.
During the review period, other income soared to stand at Rs7.94bn in FY23 as compared to Rs1.02bn in SPLY, providing some support to cover losses.
The company’s finance costs expanded by 2.22x YoY and stood at Rs6.58bn as compared to Rs2.96bn in FY23, mainly due to higher interest rates.
On the tax front, the company paid a lower tax worth Rs473.53m against the Rs935.67m paid in the corresponding period of last year, depicting a decline of 49.39% YoY.
| Consolidated Financial Results for the year ended 30 June 2023 (Rupees in 000') | |||
|---|---|---|---|
| June 23 | June 22 | % Change | |
| Revenue from contracts with customers - net | 193,912,162 | 170,015,072 | 14.06% |
| Cost of sales | (204,550,626) | (159,904,227) | 27.92% |
| Gross Profit | (10,638,464) | 10,110,845 | - |
| Selling and distribution expenses | (481,169) | (592,869) | -18.84% |
| Administrative expenses | (1,257,457) | (1,107,083) | 13.58% |
| Other Income | 7,940,373 | 1,020,839 | 677.83% |
| Other expenses | (2,142,172) | (1,409,624) | 51.97% |
| Finance cost | (6,578,648) | (2,962,593) | 122.06% |
| Profit before tax | (13,157,537) | 5,059,515 | - |
| Taxation | (473,533) | (935,666) | -49.39% |
| Net profit for the period | (13,631,070) | 4,123,849 | - |
| Basic and diluted earnings/ (loss) per share | (2.51) | 0.75 | - |
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