PIBTL faces strong turnaround, posts Rs577.38m profit in 3QCY23

November 24, 2023 (MLN): Pakistan International Bulk Terminal Limited (PSX: PIBTL) has disclosed its profit for the quarter ended September 30, 2023, wherein the company achieved a significant turnaround, recording a profit of Rs577.38 million [EPS: Rs0.32], compared to a loss of Rs437.9 million [LPS: Rs0.25] in the corresponding period last year (SPLY).

Going by the results, the company's top line grew by 26.36% YoY to Rs4.37bn as compared to Rs3.46bn in SPLY.

The cost of sales also went up by 4.54% YoY to Rs2.59bn during the quarter. However, since the increase in cost to sell was less than proportionate to the increase in sales, the gross profit improved by 81.26% YoY to Rs1.78bn in 3QCY23.

On the expense side, PIBTL was able to reduce its administrative and general expenses by 1.15% to Rs152.31m.

The financial result further shows that the company also incurred an exchange loss of Rs54.28m, significantly down by 93% compared to the exchange loss of Rs775.16m reported in 3QCY22.

During the period under review, PIBTL's other income contracted by 35.24% YoY to stand at Rs20.5m in 3QCY23 as compared to Rs31.66m in SPLY.

The company’s finance costs increased by 63.94% YoY and stood at Rs550.85m as compared to Rs336.01m in 3QCY22, mainly due to higher interest rates.

On the tax front, the company paid a higher tax worth Rs470.57m against the Rs189.01m paid in the corresponding period of last year, depicting an increase of 2.49x YoY.

PIBTL and KSE-100 YTD performance

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