NCL’s losses down to Rs385m in 1HFY24

MG News | February 28, 2024 at 03:17 PM GMT+05:00

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February 28, 2024 (MLN): Nishat Chunian Limited (PSX: NCL) incurred a loss after tax of Rs385.11 million [LPS: Rs1.6] compared to a loss of Rs1.59 billion [LPS: Rs7.12] in the same period last year (SPLY), depicting an improvement of 75.8% YoY.

Going by the results, the company's top line rose by 35.02% YoY to Rs44.45bn as compared to Rs32.92bn in SPLY.

The cost of sales also rose 27.74% YoY but was lesser than proportionate to sales increase, which improved the gross profit by 124.51% YoY to Rs5.56bn in 1HFY24.

The gross margins improved significantly to 12.51% as compared to 7.52% in SPLY.

During the period under review, other income shrank by 41.24% YoY to stand at Rs158.09m in 1HFY24 as compared to Rs269.06m in SPLY.

On the expense side, the company observed an increase in distribution cost by 29.33% YoY while reducing its other expenses by 86.89% YoY to clock in at Rs1.09bn and Rs62.44m respectively during the review period.

The company’s finance cost inflated by 71.44% YoY and stood at Rs4.13bn as compared to Rs2.41bn in SPLY, mainly due to higher interest rates.

On the tax front, the company paid a higher tax worth Rs585.94m against the Rs368.11m paid in the corresponding period of last year, depicting a rise of 59.17% YoY.

Consolidated (un-audited) Financial Results for half year ended December 31, 2023 (Rupees in '000)
	Dec 23	Dec 22	% Change
Sales - Net	44,453,556	32,924,281	35.02%
Cost of sales	(38,892,814)	(30,447,399)	27.74%
Gross Profit / (Loss)	5,560,742	2,476,883	124.51%
Distribution cost	(1,090,223)	(842,951)	29.33%
Administrative and general expenses	(238,738)	(241,982)	-1.34%
Other Income	158,089	269,062	-41.24%
Other Expenses	(62,442)	(476,436)	-86.89%
Finance Cost	(4,126,602)	(2,407,069)	71.44%
Profit before taxation	200,826	(1,222,494)	-%
Taxation	(585,938)	(368,113)	59.17%
Net profit / (loss) for the period	(385,113)	(1,590,607)	-75.79%
Basic earnings/ (loss) per share	(1.60)	(7.12)	-

Amount in thousand except for EPS

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