KOHP’s gross margins soar in 1HFY24
MG News | February 28, 2024 at 01:35 PM GMT+05:00
February 28, 2024 (MLN): Kohinoor Power Company Limited (PSX: KOHP) turned profitable in the first half of FY24 amid notable improvement in gross margins, earning a profit after tax of Rs2.49 million [EPS: Rs0.2], compared to a loss of Rs6,348 in the same period last year (SPLY).
Going by the results, the company's top line shrank by 5.03% YoY to Rs8.48m as compared to Rs8.93m in SPLY.
However, the cost of sales fell significantly by 37.95% YoY, which improved the gross profit by 3x YoY to Rs3.7m in 1HFY24.
The gross margins surged to 43.70% as compared to 13.83% in SPLY.
Dring the review period, the company earned other income of Rs0.81m in 1HFY24 as compared to Rs0.38m in SPLY, a rise of 2.17x YoY.
On the expense side, the company observed an increase in administrative expenses by 34.57% YoY to clock in at Rs1.58m.
| Unconsolidated (un-audited) Financial Results for half year ended December 31, 2023 (Rupees in '000) | |||
|---|---|---|---|
| Dec 23 | Dec 22 | % Change | |
| Sales | 8,477 | 8,926 | -5.03% |
| Cost of sales | (4,773) | (7,692) | -37.95% |
| Gross Profit | 3,704 | 1,234 | 200.12% |
| Administrative Expenses | (1,576) | (1,171) | 34.57% |
| Other Income | 815 | 376 | 116.98% |
| Profit before taxation | 2,943 | (111) | - |
| Taxation | (458) | 105 | - |
| Net profit for the period | 2,486 | (6) | - |
| Basic earnings/ (loss) per share | 0.20 | (0.00) | - |
Amount in thousand except for EPS
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