Engro Polymer’s profits evaporate in 3QFY24, LPS hits Rs1.08
MG News | April 22, 2024 at 09:38 AM GMT+05:00
April 22, 2024 (MLN): Engro Polymer and Chemicals Limited (PSX: EPCL) reported its profit and loss statement for the third quarter of FY24, wherein the loss after tax clocked in at Rs784.32 million [LPS: Rs1.08] compared to a profit of Rs1.19 billion [EPS: Rs1.31] in the same period last year (SPLY).
Going by the unconsolidated results, the company's top line fell by 7.9% YoY to Rs16.56bn as compared to Rs17.98bn in SPLY.
Moreover, the cost of sales rose by 7.7% YoY, hurting the gross profit by 70.4% YoY to Rs1.06bn in 3QFY24.
The gross margins worsened significantly to 6.42% as compared to 19.97% in SPLY.
During the period under review, other income decreased by 34.9% YoY to stand at Rs285.11m in 3QFY24 as compared to Rs437.84m in SPLY.
On the expense side, the company observed a rise in administrative expenses by 2.48x YoY while reducing its other expenses by 97.3% YoY to clock in at Rs677.49m and Rs20.97m respectively during the review period.
The company’s finance cost went up by 42.3% YoY and stood at Rs1.66bn as compared to Rs1.17bn in SPLY, mainly due to higher interest rates.
On the taxation front, the company earned a tax credit worth Rs371.38m, as against a tax expense worth Rs488.99 paid in the same quarter of last eyar.
| Unconsolidated (un-audited) Financial Results for quarter ended March 31, 2024 (Rupees in '000) | |||
|---|---|---|---|
| Mar 24 | Mar 23 | % Change | |
| Sales | 16,564,613 | 17,977,599 | -7.86% |
| Cost of sales | (15,500,373) | (14,387,023) | 7.74% |
| Gross Profit | 1,064,240 | 3,590,576 | -70.36% |
| Administrative Expenses | (677,491) | (273,738) | 147.50% |
| Selling And Distribution Expenses | (142,351) | (142,435) | -0.06% |
| Other Income | 285,111 | 437,843 | -34.88% |
| Other Operating Expenses | (20,974) | (764,027) | -97.25% |
| Finance Cost | (1,664,226) | (1,169,755) | 42.27% |
| Profit before taxation | (1,155,691) | 1,678,464 | - |
| Taxation | 371,376 | (488,988) | - |
| Net profit for the period | (784,315) | 1,189,476 | - |
| Basic earnings/ (loss) per share | (1.08) | 1.31 | - |
Amount in thousand except for EPS
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