EPCL books Rs488m loss in third quarter

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