Nishat Chunian reports loss of Rs752m in FY23

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

0:00

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

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	146,529.31 298.88M	-0.32% -476.02
ALLSHR	90,649.25 645.24M	-0.13% -120.81
KSE30	44,855.41 127.01M	-0.35% -156.33
KMI30	208,066.95 107.55M	-0.47% -973.43
KMIALLSHR	60,419.98 382.07M	-0.25% -150.87
BKTi	41,101.09 38.49M	0.35% 145.35
OGTi	30,764.81 26.70M	-1.30% -406.47

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	124,495.00	125,200.00 123,260.00	1065.00 0.86%
BRENT CRUDE	65.90	65.91 65.76	0.27 0.41%
RICHARDS BAY COAL MONTHLY	96.50	0.00 0.00	2.20 2.33%
ROTTERDAM COAL MONTHLY	104.50	104.50 104.50	-0.30 -0.29%
USD RBD PALM OLEIN	998.50	998.50 998.50	0.00 0.00%
CRUDE OIL - WTI	62.88	62.90 62.70	0.23 0.37%
SUGAR #11 WORLD	16.83	17.02 16.78	-0.11 -0.65%