Nishat Chunian reports loss of Rs752m in FY23

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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