FCL sees 37.2% earnings dip in Q3
MG News | October 31, 2024 at 10:26 AM GMT+05:00
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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