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

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.

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