Kohinoor Energy reports 45.6% drop in Q3 profit

MG News | October 22, 2024 at 03:15 PM GMT+05:00
October 22, 2024 (MLN): Kohinoor Energy Limited (PSX: KOHE) unveiled its profitability, wherein the profit after tax clocked in at Rs313.73 million [EPS: Rs1.85] compared to a profit of Rs576.5m [EPS: Rs3.4] in the same period last year (SPLY).
This reflects a substantial drop of 45.58% in its bottom line for the third quarter, primarily due to lower revenue.
Going by the results, the company's top line plunged 62.8% to Rs1.46bn as compared to Rs3.93bn in the same quarter last year.
The cost of sales fell by 70.1%, but the decline in sales was proportionally greater, resulting in a 30.2% decrease in gross profit to Rs 500.62 million in Q3 CY24.
Other income was the sole positive factor, spiking by 10,201.9% to Rs16.17m in Q3 CY24. However, since it was a minor amount, it had no significant impact on the bottom line.
On the expense side, the company's administrative expenses rose 21.6% YoY to Rs88.13m.
The company’s finance cost also increased 62.7% and stood at Rs110.73m as compared to Rs68.08m in SPLY, mainly due to higher interest rates.
On the tax front, the company paid a higher tax worth Rs4.2m against the Rs0.26m paid in the corresponding period of last year.
Unconsolidated (un-audited) Financial Results for quarter ended September 30, 2024 (Rupees in '000) | |||
---|---|---|---|
Sep 24 | Sep 23 | % Change | |
Sales | 1,462,569 | 3,934,209 | -62.82% |
Cost of sales | (961,949) | (3,217,031) | -70.10% |
Gross Profit/ (loss) | 500,620 | 717,178 | -30.20% |
Administrative Expenses | (88,130) | (72,500) | 21.56% |
Other Income | 16,174 | 157 | 10201.91% |
Finance Cost | (110,729) | (68,078) | 62.65% |
Profit/ (loss) before taxation | 317,935 | 576,757 | -44.88% |
Final tax / levies | (4,201) | (258) | 1528.29% |
Net profit/ (loss) for the period | 313,734 | 576,499 | -45.58% |
Basic earnings/ (loss) per share | 1.85 | 3.40 | - |
Amount in thousand except for EPS
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