Kohinoor Energy reports 45.6% drop in Q3 profit

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.

Amount in thousand except for EPS

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