Crescent Textile Mills suffers Rs975m loss in three months
MG News | September 30, 2024 at 12:34 PM GMT+05:00
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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