Cnergyico suffers Rs1.92bn loss in 1HFY24

February 28, 2024 (MLN): Cnergyico PK Limited (PSX: CNERGY) reported its financial statement for 1HFY24, wherein the loss after tax clocked in at Rs1.92 billion [LPS: Rs0.35].

However, it marked a notable improvement from the loss of Rs5.65bn [LPS: Rs1.03] incurred during the same period last year (SPLY).

Going by the results, the company's top line slid 0.71% YoY to Rs99.85bn as compared to Rs100.56bn in SPLY.

The cost of sales also fell to Rs95.99bn in 1HFY24 as compared to Rs108.49bn in SPLY.

The gross margins improved significantly to 3.87% as compared to a negative margin of 7.88% in SPLY.

During the period under review, other income shrank by 80.82% YoY to stand at Rs1.33bn in 1HFY24 as compared to Rs6.93bn in SPLY.

On the expense side, the company observed an increase in administrative expenses by 26.72% YoY and other expenses by 44.23% YoY to clock in at Rs744.04m and Rs1.51bn respectively during the review period.

The company’s finance cost increased by 67.09% YoY and stood at Rs4.77bn as compared to Rs2.85bn in SPLY, mainly due to higher interest rates.

On the tax front, the company paid a higher tax worth Rs190.09m against the Rs89.54m paid in the corresponding period of last year, depicting an increase of 2.12x YoY.

Amount in thousand except for EPS

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