FCL sees 37.2% earnings dip in Q3

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

0:00

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

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	163,098.19 607.60M	-0.87% -1432.62
ALLSHR	99,276.25 1,397.26M	-0.80% -801.63
KSE30	50,184.56 221.88M	-0.89% -450.56
KMI30	238,333.52 129.55M	-1.13% -2718.46
KMIALLSHR	65,792.54 685.73M	-0.99% -655.65
BKTi	45,653.52 111.72M	-1.00% -461.31
OGTi	32,313.25 10.70M	-1.57% -516.41

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	114,520.00	123,270.00 113,150.00	-7100.00 -5.84%
BRENT CRUDE	62.09	65.36 62.00	-3.13 -4.80%
RICHARDS BAY COAL MONTHLY	81.00	81.00 81.00	-1.60 -1.94%
ROTTERDAM COAL MONTHLY	90.50	0.00 0.00	0.40 0.44%
USD RBD PALM OLEIN	1,085.00	1,085.00 1,085.00	0.00 0.00%
CRUDE OIL - WTI	58.24	61.67 58.22	-3.27 -5.32%
SUGAR #11 WORLD	16.10	16.35 15.97	-0.16 -0.98%