Crescent Fibres reports Rs758m loss for FY24 amid sales drop, tax burden

September 30, 2024 (MLN): Crescent Fibres Limited (PSX: CFL) suffered a loss of Rs758.43 million [LPS: Rs61.08] for its financial year ending June 30, 2024 (FY24), due to declining income, rising expenses and a tax burden.

This marks a significant contrast to the previous financial year, in which the company achieved a modest profit of Rs375.91m [EPS: Rs30.27].

As per the results, CFL's top line slipped 5.1% to Rs6.5bn as compared to Rs6.85bn in FY23.

The cost of sales fell by a smaller proportion, resulting in a gross loss of Rs249.32m in FY24.

During the period under review, other income decreased 90% to stand at Rs84.57m in FY24 as compared to Rs847.87m in FY23.

On the expense side, the company's administrative expenses rose 7% YoY to Rs183.85m.

CFL also bared an allowance for expected credit loss worth Rs67.48m, up by 91.85% over the year.

Conversely, distribution cost fell 11.1% YoY to Rs27.41m, while other operating expenses fell by 83% YoY to Rs1.41m.

The company’s finance cost contracted by 5.3% and stood at Rs272.6m as compared to Rs287.72m in SPLY.

On the tax front, the company paid a higher tax worth Rs40.94m against the Rs32.7m tax rebate received in the corresponding period of last year.

Amount in thousand except for EPS

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