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.
| Financial Results for Quarter ended 30 September 2023 (Rupees in '000) | |||
|---|---|---|---|
| Sep 23 | Sep 22 | % Change | |
| Sales | 4,374,570 | 3,461,958 | 26.36% |
| Cost of services | (2,589,673) | (2,477,262) | 4.54% |
| Gross Profit | 1,784,897 | 984,696 | 81.26% |
| Administrative and general expenses | (152,310) | (154,075) | -1.15% |
| Exchange loss | (54,281) | (775,160) | -93.00% |
| Other Income | 20,503 | 31,661 | -35.24% |
| Finance cost | (550,854) | (336,010) | 63.94% |
| Profit before tax | 1,047,955 | (248,888) | – |
| Taxation | (470,573) | (189,010) | 148.97% |
| Net profit for the period | 577,382 | (437,898) | – |
| Basic and diluted earnings/ (loss) per share | 0.32 | (0.25) | – |
PIBTL and KSE-100 YTD performance
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Posted on: 2023-11-24T16:53:03+05:00
