PIBTL manages to earn profits on account of rise in volume handling

By MG News | February 14, 2020 at 11:48 AM GMT+05:00

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February 14, 2020 (MLN): Pakistan International Bulk Terminal Limited (PIBTL) has earned net profits of Rs 864.7 million for six months period ended on December 31^st, 2019, against the losses of Rs 1.4 billion incurred in the corresponding period of last year.

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

Revenues of the company from services rose by 42% YoY to Rs 4.8 billion with relatively slower growth in costs, as a result, company’s gross margins surged from 23% to 31% during the period mentioned above.

Moreover, the company observed exchange gains of Rs 420.9 million on USD denominated loans due to PKR stability which provided comfort to the earnings. Last year, company incurred exchange losses of Rs 1.1 billion on account of PKR depreciation.

Profit and Loss Account for the half-year ended December 31, 2019 ('000 Rupees)
	Dec-19	Dec-18	% Change
Revenue - net	4,849,831	3,412,385	42.12%
Cost of services	(3,332,067)	(2,611,527)	27.59%
Gross profit/(loss)	1,517,764	800,858	89.52%
Administrative expenses	(217,879)	(203,542)	7.04%
Other income	61,824	46,587	32.71%
Finance cost	(675,119)	(1,013,270)	-33.37%
Exchange gain/ loss	420,965	(1,126,238)	-
Loss before taxation	1,107,555	(1,495,605)	-
Taxation	(242,851)	32,068
Loss after taxation	864,704	(1,463,537)	-
Earnings per share - basic and diluted (Rupees)	0.480	(0.850)	-

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