PCAL posts Rs131m loss as finance costs spike

MG News | October 29, 2024 at 12:15 PM GMT+05:00

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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.

Unconsolidated (un-audited) Financial Results for the quarter ended September 30, 2024 (Rupees in '000)
	Sep 24	Sep 23	% Change
Net Sales	7,519,537	5,977,590	25.80%
Cost of sales	(6,731,793)	(5,135,576)	31.08%
Gross Profit/ (loss)	787,744	842,014	-6.45%
Administration expenses	(82,199)	(88,161)	-6.76%
Distribution and selling expenses	(243,855)	(208,301)	17.07%
Impairment reversal / (loss) on trade debts	1,600	(6,318)	-
Share of profit from associate under the equity basis of accounting	-	8,520	-
Other Income	62,692	33,553	86.84%
Other Operating Expenses	(330)	(16,184)	-97.96%
Finance cost and bank charges	(688,619)	(370,063)	86.08%
Profit/ (loss) before taxation	(162,967)	195,060	-
Final tax / levies	32,029	(58,735)	-
Net profit/ (loss) for the period	(130,938)	136,325	-
Basic earnings/ (loss) per share	(2.40)	2.50	-

Amount in thousand except for EPS

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