PCAL posts Rs131m loss as finance costs spike
MG News | October 29, 2024 at 12:15 PM GMT+05:00
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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