PIBTL bounces back from losses in 1HFY24

MG News | February 27, 2024 at 03:09 PM GMT+05:00

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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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