PIBTL bounces back from losses in 1HFY24
By MG News | February 27, 2024 at 03:09 PM GMT+05:00
February 27, 2024 (MLN): Pakistan International Bulk Terminal Limited (PSX: PIBTL) achieved a significant turnaround in the first half of fiscal year 2024, with its profits surging to Rs1.06 billion [EPS: Rs0.59] compared to a loss of Rs232.33m [LPS: Rs0.13] in the same period last year (SPLY).
The company reported a net revenue of Rs8.07bn, compared with Rs5.86bn a year earlier, according to the financial statement made available by the company on the local bourse on Tuesday.
The cost of services rose at a slower pace of 11.8%, boosting the gross profit margin to 38.5% from 24.2%.
Other income grew 24% YoY to Rs108.63m. Finance costs, however, climbed 28.6% YoY to Rs1.07bn, mainly due to higher interest rates.
On the taxation front, the company paid Rs883.8m, as against a tax credit of Rs78.16m received in SPLY.
| Unconsolidated (un-audited) Financial Results for half year ended December 31, 2023 (Rupees in '000) | |||
|---|---|---|---|
| Dec 23 | Dec 22 | % Change | |
| Sales | 8,072,185 | 5,861,930 | 37.71% |
| Cost of services | (4,965,236) | (4,441,248) | 11.80% |
| Gross Profit | 3,106,949 | 1,420,682 | 118.69% |
| Administrative Expenses | (317,333) | (313,485) | 1.23% |
| Other Gains / (Losses) | 108,177 | (676,281) | - |
| Other Income | 108,632 | 87,598 | 24.01% |
| Finance Cost | (1,066,029) | (828,999) | 28.59% |
| Profit before taxation | 1,940,396 | (310,485) | - |
| Taxation | (883,861) | 78,158 | - |
| Net profit for the period | 1,056,535 | (232,327) | - |
| Basic earnings/ (loss) per share | 0.59 | (0.13) | - |
Amount in thousand except for EPS
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