Crescent Textile Mills suffers Rs975m loss in three months

By MG News | Category Equity | September 30, 2024 at 12:34 PM GMT+05:00

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September 30, 2024 (MLN): Crescent Textile Mills Limited (PSX: CRTM) incurred a net loss of Rs974.56 million [LPS: Rs9.75] during the quarter ending June 2024 as its sales fell and margins eroded.

That compares to a profit of Rs53.76 million [EPS: Rs0.54] earned in the same period last year (SPLY). For the full financial year 2024, the company posted a net loss of Rs1.75 billion as against a net profit of Rs560.81m in FY23.

Going by the quarterly results, the company's revenue fell 11.7% to Rs5.04bn as compared to Rs5.71bn in SPLY.

Moreover, the cost of sales rose by 4.7%, resulting in a gross loss of Rs259.27m in Q4 FY24.

The company's other income decreased by 89.9% to stand at Rs21.11m in Q4 FY24 as compared to Rs208.93m in SPLY.

On the expense side, the company's administrative expenses fell 9.9% from a year ago to Rs115.03m, while selling and distribution expenses fell 23.6% to Rs200.16m.

The company’s finance cost expanded by 13.9% and stood at Rs402.5m as compared to Rs353.25m in SPLY.

On the tax front, the company paid a lower tax worth Rs48.33m against the Rs51.85m paid in the corresponding period of last year, depicting a decrease of 6.8%.

This translates to an effective tax rate of 5.2% as compared to 49.1% in SPLY.

Unconsolidated (un-audited) Financial Results for quarter ended June 30, 2024 (Rupees in '000)
	Jun 24	Jun 23	% Change
Sales	5,039,545	5,709,052	-11.73%
Cost of sales	(5,298,811)	(5,059,004)	4.74%
Gross Profit/ (loss)	(259,266)	650,048	-
Administrative Expenses	(115,034)	(127,628)	-9.87%
Selling And Distribution Expenses	(200,161)	(261,925)	-23.58%
Other Income	21,113	208,925	-89.89%
Other Operating Expenses	29,623	(10,567)	-
Finance Cost	(402,497)	(353,245)	13.94%
Profit/ (loss) before taxation	(926,222)	105,608	-
Taxation	(48,334)	(51,849)	-6.78%
Net profit/ (loss) for the period	(974,556)	53,759	-
Basic earnings/ (loss) per share	(9.75)	0.54	-

Amount in thousand except for EPS

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