Kohinoor Power swings to profit in Q1

October 31, 2024 (MLN): Kohinoor Power Company Limited (PSX: KOHP) swung to a positive bottom line in the first quarter of the fiscal year, earning Rs 182.81 million (EPS: Rs 0.015).

This contrasts with a loss after tax of Rs461.26m (LPS: Rs0.66) reported in the same period last year (SPLY).

According to the results, the company entered positive territory despite its topline plummeting by 67.9% to Rs1.36bn compared to Rs4.24bn in the SPLY.

While the cost of sales also dropped by 73.3%, the larger decline in sales caused gross profit to decrease by 29.3%, reaching Rs371.12m in Q3 CY24.

During the period under review, other income rose 276.5% to stand at Rs430.56m in Q3 CY24, a major supporting factor.

On the expense side, the company's administration expenses fell 28.3% YoY to Rs570.78m, and other operating expenses dropped 95.8% YoY to Rs10.64m.

On the tax front, the company paid a lower tax worth Rs37.46m against the Rs52.98m paid in the corresponding period of last year, depicting a fall of 29.3%.

In summary, other income increase along with drop in operating expenses and lower income tax resulted in this shift 

Amount in thousand except for EPS

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