August 16, 2024 (MLN): Pakistan Cables Limited (PSX: PCAL) reported a profit after tax of Rs208.86 million [EPS: Rs4.22] for the year ended June 30, 2024, plummeting by 71.14% YoY compared to a profit of Rs723.65 million [EPS: Rs14.62] for the same period last year.
In addition to the result, it has been recommended by the Board of Directors to issue Bonus Shares for the year ended June 30, 2024 in the proportion of 10 Shares for every 100 shares held i.e. 10%.
The financial statement shows that the company's top line grew 20.9% YoY to Rs26.17bn as compared to Rs21.65bn in SPLY.
The cost of sales also rose by 23.5% YoY but was lesser than proportionate to sales rise, which improved the gross profit by 5.7% YoY to Rs3.36bn in FY24.
However, the gross margins worsened to 12.9% as compared to 14.7% in SPLY.
On the expense side, the company's marketing, selling, and distribution costs increased by 23.6% year-over-year to Rs997.01m, while administrative expenses rose by 2.3% year-over-year to Rs367.61m.
Conversely, other operating expenses fell 2.3% YoY to Rs42.36m.
During the period under review, other income also dropped 5% YoY to stand at Rs141.49m in FY24 as compared to Rs148.93m in FY23, further worsening the company's financial situation.
The company’s finance costs also impacted negatively as it surged 82.1% YoY to Rs1.74bn mainly due to higher interest rates.
On the tax front, the company paid a lower tax worth Rs82.18m against the Rs396.05m paid in the corresponding period of last year, depicting a decrease of 79.3% YoY.
| Unconsolidated (un-audited) Financial Results for quarter ended June 30, 2024 (Rupees in '000) | |||
|---|---|---|---|
| Jun 24 | Jun 23 | % Change | |
| Sales | 26,167,037 | 21,652,953 | 20.85% |
| Cost of sales | (22,803,640) | (18,469,291) | 23.47% |
| Gross Profit/ (loss) | 3,363,397 | 3,183,662 | 5.65% |
| Marketing, selling and distribution costs | (997,014) | (807,002) | 23.55% |
| Administrative expenses | (367,607) | (359,289) | 2.32% |
| Impairment (loss) / reversal on trade debts | (52,034) | 1,049 | -% |
| Share of profit from associate under the equity basis of accounting | 0 | 4,777 | -100.00% |
| Levies – final tax | (17,394) | (10,718) | 62.29% |
| Other Income | 141,493 | 148,925 | -4.99% |
| Other Operating Expenses | (42,355) | (87,520) | -51.61% |
| Finance Cost | (1,737,453) | (954,185) | 82.09% |
| Profit/ (loss) before taxation | 291,033 | 1,119,699 | -74.01% |
| Taxation | (82,175) | (396,048) | -79.25% |
| Net profit/ (loss) for the period | 208,858 | 723,651 | -71.14% |
| Basic earnings/ (loss) per share | 4.22 | 14.62 | – |
Amount in thousand except for EPS
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Posted on: 2024-08-16T16:40:28+05:00
