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PIBTL achieves 36% decline in losses after a robust growth in sales revenue

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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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Posted on: 2019-02-20T10:44:00+05:00

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