PIBTL back on track, reports profits worth Rs 675.68 million

MG News | April 21, 2020 at 05:54 PM GMT+05:00

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April 21, 2020 (MLN): Pakistan International Bulk Terminal Limited (PIBTL) has unveiled its financial performance today for the period of nine months ended on March 31, 2020.

As per the financial statement issued by the company, the net profits after tax for the period clocked in at Rs 675.68 million with earnings per share at Rs 0.38 against the loss of Rs 995.9 million (LPS: Rs 0.5) in the corresponding period of last year.

The company successfully managed to turn loses into profits mainly on the back of strong coal demand arising from Cement and Power sectors and stable exchange rate outlook.

The company’s profitability further elevated from a decline in exchange loss by Rs 1.05 billion Rs on USD denominated foreign loans due to PKR stability.

Revenues of the company from services rose by 16.9% YoY to Rs 7.14 billion with relatively slower growth in costs, as a result, company’s gross margins surged from 29% to 31% during the period m

On the downside, the company observed 4x increase in tax payments from Rs 92.9 million to Rs 352 million which put a limit on PIBTL’s profitability.

Profit and Loss Account for the nine months ended March 31, 2020 ('000 Rupees)
	Mar-20	Mar-19	% Change
Revenue - net	7,142,393	6,109,326	16.91%
Cost of services	(4,928,813)	(4,325,523)	13.95%
Gross profit/(loss)	2,213,580	1,783,803	24.09%
Administrative expenses	(323,137)	(328,175)	-1.54%
Other income	334,856	204,658	63.62%
Finance cost	(1,057,044)	(1,364,481)	-22.53%
Exchange gain/ loss	(140,473)	(1,198,782)	-88.28%
Profit before taxation	1,027,782	(902,977)
Taxation	(352,098)	(92,942)	278.84%
Profit after taxation	675,684	(995,919)
Earnings per share - basic and diluted (Rupees)	0.38	(0.56)

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