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.
| Unconsolidated Financial Results for the year ended 30 June 2023 | |||
|---|---|---|---|
| June 23 | June 22 | % Change | |
| Net Sales | 4,243,526,759 | 5,336,125,254 | -20.48% |
| Cost of sales | (3,666,530,289) | (4,464,034,650) | -17.87% |
| Gross Profit | 576,996,470 | 872,090,604 | -33.84% |
| Distribution expenses | (86,200,369) | (75,979,539) | 13.45% |
| Administrative expenses | (25,509,955) | (42,469,337) | -39.93% |
| Other Income | 91,737,400 | 87,217,814 | 5.18% |
| Operating expenses | (18,772,976) | (14,530,425) | 29.20% |
| Finance cost | (168,507,788) | (115,100,229) | 46.40% |
| Profit before tax | 369,742,782 | 711,228,888 | -48.01% |
| Taxation | (98,497,104) | 214,868,864 | – |
| Net profit for the period | 271,245,678 | 926,097,752 | -70.71% |
| Basic and diluted earnings/ (loss) per share | 13.84 | 33.31 | – |
Copyright Mettis Link News
Posted on: 2023-10-04T15:55:11+05:00
