Nishat Chunian reports loss of Rs752m in FY23

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MG News | September 28, 2023 at 12:48 PM GMT+05:00

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.

Consolidated (un-audited) Financial Results for year ended 30 June, 2023 (Rupees in '000)
  June 23 June 22 % Change
Sales 70,949,361 88,025,787 -19.40%
Cost of sales (63,814,404) (71,252,893) -10.44%
Gross Profit 7,134,957 16,772,894 -57.46%
Distribution cost (1,711,532) (1,899,291) -9.89%
Administrative expenses (522,630) (707,742) -26.16%
Other Income 948,007 763,256 24.21%
Other expenses (193,309) (1,097,424) -82.39%
Finance cost (5,496,070) (3,098,814) 77.36%
Profit before taxation 159,423 10,732,880 -98.51%
Taxation (912,051) (881,527) 3.46%
Net profit for the period (752,628) 9,851,352 -
Basic earnings/ (loss) per share (3.63) 35.92 -

Amount in thousand except for EPS

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