FCL sees 37.2% earnings dip in Q3

By MG News | Category Q32024 | 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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