EPCL books Rs488m loss in third quarter

MG News | October 22, 2024 at 03:04 PM GMT+05:00

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October 22, 2024 (MLN): Engro Polymer and Chemicals Limited (PSX: EPCL) booked a loss of Rs487.65 million [LPS: Rs0.54] for the quarter ended September 30, 2024, compared to the profit of Rs2.64bn [EPS: Rs2.74] reported in the same period last year (SPLY).

According to the profit and loss account, the company's top line dropped 19.8% to Rs20.06bn as compared to Rs25.01bn in 3CY23.

The cost of sales rose by 2.3%, and combined with declining sales, this resulted in a gross profit decrease of 83.1% to Rs 1.1bn in Q3 CY24.

The gross margins worsened to 5.5% as compared to 25.9% in SPLY.

EPCL's other income grew 4.8% to stand at Rs391.87m in Q3 CY24 as compared to Rs373.77m in SPLY.

On the expense side, the company's administrative expenses rose 120% YoY to Rs512.41m, while distribution and marketing costs grew 19.5% YoY to Rs159.49m,

Conversely, other operating expenses fell 89.1% YoY to Rs87.8m.

Overall, expenses were a significant hurdle for the company as they surged, which, along with the drop in sales, worsened the situation further.

The company’s finance cost also rose by 58.7% and stood at Rs1.96bn as compared to Rs1.24bn in SPLY, mainly due to higher interest rates.

On the tax front, the company received a tax credit worth Rs746.79m against the Rs1.8bn paid in the corresponding period of last year.

Unconsolidated (un-audited) Financial Results for quarter ended September 30, 2024 (Rupees in '000)
	Sep 24	Sep 23	% Change
Sales	20,063,368	25,011,993	-19.79%
Cost of sales	(18,967,652)	(18,545,735)	2.28%
Gross Profit/ (loss)	1,095,716	6,466,258	-83.05%
Administrative Expenses	(512,413)	(232,870)	120.04%
Distribution and marketing costs	(159,493)	(133,421)	19.54%
Other Income	391,865	373,769	4.84%
Other Operating Expenses	(87,797)	(803,350)	-89.07%
Finance Cost	(1,962,321)	(1,236,509)	58.70%
Profit/ (loss) before taxation	(1,234,443)	4,433,877	-
Final tax / levies	746,789	(1,796,188)	-
Net profit/ (loss) for the period	(487,654)	2,637,689	-
Basic earnings/ (loss) per share	(0.54)	2.74	-

Amount in thousand except for EPS

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