Kohinoor Energy's profit inches down by 0.96% YoY to Rs576.5m in 1QFY24

MG News | October 23, 2023 at 01:20 PM GMT+05:00

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October 23, 2023 (MLN): Kohinoor Energy Limited (PSX: KOHE) has revealed its profit and loss statement for 1QFY24, as per which the company's profit inched down by 0.96% YoY to Rs576.5m [EPS: 3.4], compared to the profit of Rs582.09m [EPS: 3.44], recorded in the Same Period Last Year (SPLY).

Going by the results, the company's top line plunged by 33.13% YoY to Rs3.93bn as compared to Rs5.88bn in SPLY.

The cost of sales decreased by 36.57% YoY, but remained higher, causing the company's gross profit to worsen by 11.63% YoY, amounting to Rs717.18m in 1QFY24."

On the expense side, KOHE's administrative expenses went up by 4.66% to Rs72,500 during the review period.

Moving forward, the company's profits took a major blow as its other income shrank by 87.33% YoY to stand at Rs157,000 in 1QFY24 as compared to Rs1.24bn in SPLY.

The company’s finance costs went significantly down by 57.74% YoY and stood at Rs68.08m as compared to Rs161.08m in 1QFY23, mainly due to higher interest rates.

On the tax front, the company paid a lower tax worth Rs258,000 against the Rs347,000 paid in the corresponding period of last year, depicting a decrease of 25.65% YoY.

Financial Results for the 1st Quarter ended 30 September 2023 (Rupees in 000)
	Sep 23	Sep 22	% Change
Sales	3,934,209	5,883,619	-33.13%
Cost of sales	(3,217,031)	(5,072,067)	-36.57%
Gross Profit	717,178	811,552	-11.63%
Administrative expenses	(72,500)	(69,275)	4.66%
Other Income	157	1,239	-87.33%
Finance cost	(68,078)	(161,077)	-57.74%
Profit before tax	576,757	582,439	-0.98%
Taxation	(258)	(347)	-25.65%
Net profit for the period	576,499	582,092	-0.96%
Basic and diluted earnings/ (loss) per share	3.40	3.44	-

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