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
Copyright Mettis Link News
Related News
| Name | Price/Vol | %Chg/NChg |
|---|---|---|
| KSE100 | 146,480.15 378.01M | -6.99% -11015.95 |
| ALLSHR | 88,401.15 613.63M | -6.18% -5825.86 |
| KSE30 | 44,996.51 162.61M | -6.90% -3333.70 |
| KMI30 | 210,039.41 136.40M | -6.52% -14647.92 |
| KMIALLSHR | 57,315.72 369.31M | -5.79% -3523.37 |
| BKTi | 42,364.50 67.24M | -6.87% -3125.46 |
| OGTi | 31,480.49 21.12M | -1.88% -602.98 |
| Symbol | Bid/Ask | High/Low |
|---|
| Name | Last | High/Low | Chg/%Chg |
|---|---|---|---|
| BITCOIN FUTURES | 68,610.00 | 68,625.00 65,685.00 | 315.00 0.46% |
| BRENT CRUDE | 101.82 | 119.50 99.00 | 9.13 9.85% |
| RICHARDS BAY COAL MONTHLY | 99.40 | 0.00 0.00 | -11.85 -10.65% |
| ROTTERDAM COAL MONTHLY | 127.00 | 0.00 0.00 | 0.05 0.04% |
| USD RBD PALM OLEIN | 1,083.50 | 1,083.50 1,083.50 | 0.00 0.00% |
| CRUDE OIL - WTI | 98.06 | 119.48 96.25 | 7.16 7.88% |
| SUGAR #11 WORLD | 14.32 | 14.48 14.25 | 0.22 1.56% |
Chart of the Day
Latest News
Top 5 things to watch in this week
Pakistan Stock Movers
| Name | Last | Chg/%Chg |
|---|
| Name | Last | Chg/%Chg |
|---|