FCL sees 37.2% earnings dip in Q3

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MG News | October 31, 2024 at 10:26 AM GMT+05:00

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October 31, 2024 (MLN): Fast Cables Limited (PSX: FCL) recorded a decrease of 37.2% YoY in its earnings for the third quarter, with the company's after-tax profits falling to Rs206.76 million [EPS: Rs0.33].

Despite a 6.0% increase in its topline to Rs7.2bn, FCL's profit declined.

This was due to higher selling costs, which drove gross profit down by 3.9% to Rs1.06bn in Q3 CY24.

Accordingly, the gross margins worsened to 14.8% as compared to 16.3% in SPLY.

During the period under review, other income grew 390% to stand at Rs253.37m in Q3 CY24 as compared to Rs51.71m in SPLY.

On the expense side, the company's administration expenses rose 11.3% YoY to Rs128.8m, and distribution and selling expenses increased 17.7% YoY to Rs342.75m.

Meanwhile, other operating expenses fell 22.2% YoY to Rs44.7m.

The company’s finance cost grew by 121.1% and stood at Rs497.05m as compared to Rs224.81m in SPLY, mainly due to higher interest rates.

On the tax front, the company paid a lower tax worth Rs97.17m against the Rs140.55m paid in the corresponding period of last year, depicting a decrease of 30.9%.

Unconsolidated (un-audited) Financial Results for quarter ended September 30, 2024 (Rupees in '000)
  Sep 24 Sep 23 % Change
Sales 7,204,265 6,796,939 5.99%
Cost of sales (6,140,420) (5,689,975) 7.92%
Gross Profit/ (loss) 1,063,845 1,106,964 -3.90%
Administration expenses (128,804) (115,681) 11.34%
Distribution and selling expenses (342,745) (291,196) 17.70%
Other Income 253,374 51,710 389.99%
Other Operating Expenses (44,695) (57,417) -22.16%
Finance costs (497,047) (224,811) 121.10%
Profit/ (loss) before taxation 303,928 469,569 -35.28%
Final tax / levies (97,169) (140,550) -30.87%
Net profit/ (loss) for the period 206,759 329,019 -37.16%
Basic earnings/ (loss) per share 0.33 0.66 -

Amount in thousand except for EPS

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