Exchange gains lift PIBTL’s profit

August 25, 2021 (MLN): Pakistan International Bulk Terminal Limited (PIBTL) has exhibited strong performance during the fiscal year ended June 30, 2021 as the company’s bottom line grew by a whopping 62.5% YoY to clock in at Rs1.86 billion (EPS: Rs1.04) as opposed to Rs1.14bn (EPS: Rs0.64) reported in the previous fiscal year.

The splendid increase in profits may be attributable to exchange gains and lower financial charges amid lower interest rates.

According to the financial results sent to PSX, the topline went up by 15% YoY to Rs10.85bn on the back of record coal handling volumes on the back of robust demand from the cement sector while the cost of services surged by 16% YoY that led gross margins to squeeze to 31% from 32%.

However, the company managed to turn exchange losses of Rs159mn incurred last fiscal year into a gain of Rs479mn amid currency appreciation during FY21 that helped in bolstering the company’s net profits.

The improvement in earnings was also due to a 13.5% YoY decline in finance cost owing to a lower interest rate regime.

On the cost front, the company’s major expense heads i.e., administrative expenses went up by 13% YoY to Rs511mn during the said period.

Lastly, the effective taxation of 24% as compared to 33% during SPLY lifted the bottom line.

Profit and Loss Account for the year ended June 30, 2021 ('000 Rupees)

 

Jun-21

Jun-20

% Change

Revenue – net

 10,853,552

 9,459,196

14.74%

Cost of services

 (7,487,832)

 (6,444,972)

16.18%

Gross profit

 3,365,720

 3,014,224

11.66%

Administrative expenses

 (511,864)

 (454,236)

12.69%

Other income

 89,068

 371,081

-76.00%

Finance cost

 (976,295)

 (1,125,920)

-13.29%

Exchange gain/ (loss)

 479,222

 (159,486)

Profit before taxation

 2,445,851

 1,645,663

48.62%

Taxation

 (587,002)

 (501,378)

17.08%

Net profit for the year

 1,858,849

 1,144,285

62.45%

Earnings per share – basic and diluted (Rupees)

 1.04

 0.64

62.50%

 

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Posted on: 2021-08-25T15:19:00+05:00

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