PIBTL achieves 36% decline in losses after a robust growth in sales revenue
By MG News | February 20, 2019 at 10:44 AM GMT+05:00
February 20, 2019 (MLN): Pakistan International Bulk Terminal Limited (PIBTL) has reported losses of Rs. 1.4 billion for the period ended December 31, 2018. This, however, is a positive change for the company as its losses for the same period previous year amounted to Rs. 2.3 billion, which means this year the losses have declined by 36%.
This positive change originated from a robust growth in the company’s sales revenue, which increased by nearly Rs. 2.8 billion i.e. 465%.
Moreover, the company also enjoyed tax rebates of Rs. 32 million this year, which further helped in reducing the losses incurred by the company.
The company’s Loss per share amounted to Rs. 0.85 for the aforementioned period, 44% lower than that of same period last year.
| Profit and loss account for the six months ended December 31 2018 (Rupees'000) | |||
|---|---|---|---|
|
| Dec-18 | Dec-17 | % Change |
| Turnover — net | 3,412,385 | 603,047 | 465.86% |
| Cost of services | -2,611,527 | -1,147,132 | 127.66% |
| Gross profit / (loss) | 800,858 | -544,085 |
|
| Administrative expenses | -203,542 | -140,129 | 45.25% |
| Other income | 46,587 | 39,029 | 19.37% |
| Finance cost | -1,013,270 | -549,309 | 84.46% |
| Other expense — exchange loss | -1,126,238 | -290,206 | 288.08% |
| Loss before taxation | -1,495,605 | -1,484,700 | 0.73% |
| Taxation | 32,068 | -820,503 |
|
| Net loss for the period | -1,463,537 | -2,305,203 | -36.51% |
| Loss per ordinary share — basic and diluted | -0.85 | -1.52 | -44.08% |
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