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 31st, 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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