PCAL posts Rs131m loss as finance costs spike

October 29, 2024 (MLN): Pakistan Cables Limited (PSX: PCAL) reported a loss of Rs130.94 million [LPS: Rs2.4] compared to a profit of Rs136.33m [EPS: Rs2.5] in the same period last year (SPLY).

According to the result, the company posted a loss despite a 25.8% surge in topline revenue to Rs7.52bn.

This was because the costs to sell, increased by a greater value, which worsened the gross profit by 6.5% to Rs787.74m in Q3 CY24.

The gross margins worsened to 10.5% as compared to 14.1% in SPLY.

The company faced further challenges as its finance costs skyrocketed by 86.1% to Rs688.62m due to higher interest rates.

During the period under review, other income expanded 86.8% to stand at Rs62.69m in Q3 CY24 as compared to Rs33.55m in SPLY.

On the expense side, the company's administration expenses fell 6.8% YoY to Rs82.2m, and other operating expenses fell 98.0% YoY to Rs0.33m.

Whereas, distribution and selling expenses expanded 17.1% YoY to Rs243.86m.

On the tax front, the company received a tax credit of Rs32.03m against the Rs58.74m paid in the corresponding period of last year.

Amount in thousand except for EPS

Copyright Mettis Link News