FLYNG's profit plunges by 70% YoY to Rs271.25m in FY23

October 04, 2023 (MLN): Flying Cement Company Limited (PSX: FLYNG) 's profitability plunged by 70.71% YoY to Rs271.25 million [EPS: 13.84] in the fiscal year 2023, compared to Rs926.1m [EPS: 33.31] reported in the Same Period Last Year (SPLY), as revealed in the company's filing on PSX today.

Going by the results, the company's top line marked a decline of 20.48% YoY to Rs4.24billion  as compared to Rs5.34bn in SPLY.

The cost of sales also fell by 17.87% YoY but was lower than proportionate to sales decline, which worsened the gross profit by 33.84% YoY to Rs578m in FY23.

On the expense side, the company observed a rise in Distribution expenses by 13.45% YoY and operating expenses by 29.20% YoY to clock in at Rs86.2m and Rs18.77m respectively during the review period.

Conversely, the company's administrative expenses reduced by 40% YoY to Rs25.51m in FY23.

During the review period, other income grew by 5.18% YoY to stand at Rs91.74m in FY23 as compared to Rs87.22m in SPLY.

The company’s finance costs inflated by 46.40% YoY and stood at Rs168.5m as compared to Rs115.1m in FY22, mainly due to higher interest rates.

On the tax front, FLYNG incurred a tax expense worth Rs98.5m, compared to a tax rebate of Rs214.87m incurred in FY22.

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