Nishat Chunian reports loss of Rs752m in FY23

September 28, 2023 (MLN): Nishat Chunian Limited (PSX: NCL) unveiled its financial statements for FY23, wherein the loss after tax clocked in at Rs752.63 million [LPS: Rs3.63].

This is a significant turnover when compared to a profit worth Rs9.85 billion [EPS: Rs35.92] earned in the previous year (SPLY).

Going by the results, the company's top line fell by 19.4% YoY to Rs70.95bn as compared to Rs88.03bn in FY22.

The cost of sales also fell by 10.44% YoY but was lesser than proportionate to sales decline, which worsened the gross profit by 57.46% YoY to Rs7.13bn in FY23.

During the year, other income grew by 24.21% YoY to stand at Rs948.01m in FY23 as compared to Rs763.26m in SPLY.

On the expense side, the company observed a fall in Distribution cost by 9.89% YoY and other expenses by 82.39% YoY to clock in at Rs1.71bn and Rs193.31m respectively during the review period.

While the company’s finance costs soared by 77.36% YoY and stood at Rs5.5bn as compared to Rs3.1bn in the previous year, mainly due to higher interest rates.

On the tax front, the company paid a higher tax worth Rs912.05m against the Rs881.53m paid in the corresponding period of last year, depicting an increase of 3.46% YoY.

Amount in thousand except for EPS

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