PIBTL reports decline in annual losses owing to exceptional rise in topline earnings

By MG News | September 03, 2019 at 11:08 AM GMT+05:00

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September 3, 2019 (MLN): Pakistan International Bulk Terminal Limited (PIBTL) has reported a decline in its annual losses by 9.8% to Rs 2.3 billion from Rs 2.6 billion incurred last year. The company’s loss per share (LPS) locked in at Rs 1.37, marking a decline of 19.4% from last year’s LPS of Rs 1.7.

The decline in losses largely came from exceptional rise in company’s topline earnings from Rs 1.96 billion to Rs 8 billion. This outstanding growth in company’s net revenues turned gross losses (Rs 816.7 million) in to gross profits (Rs 2.25 billion).

On the other hand, the increase in the company’s major expense heads i.e. admin expenses, Finance cost and other costs by 31.5%, 44% and 217% respectively, dragged company’s earnings in to negative territory, thus, allowed the company to end up with a loss of Rs 2.5 billion before taxes.

Profit and Loss Account for the quarter ended June 30, 2019 ('000 Rupees)
	Jun-19	Jun-18	% Change
Revenue - net	8,004,395	1,960,607	308.26%
Cost of services	(5,747,427)	(2,777,388)	106.94%
Gross profit/(loss)	2,256,968	(816,781)
Administrative expenses	(414,818)	(315,486)	31.49%
Other income	236,452	49,734	375.43%
Finance cost	(1,823,296)	(1,264,601)	44.18%
Other expenses - exchange loss	(2,748,637)	(866,401)	217.25%
Loss before taxation	(2,493,331)	(3,213,535)	-22.41%
Taxation	116,229	578,965	-79.92%
Loss after taxation	(2,377,102)	(2,634,570)	-9.77%
Earnings per share - basic and diluted (Rupees)	(1.370)	(1.700)	-19.41%

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