PIBTL reports reduction in net losses by 72%
By MG News | April 29, 2019 at 02:25 PM GMT+05:00
April 29, 2019 (MLN): Pakistan International Bulk Terminal Limited (PIBTL) has reported losses of Rs. 995 million for the nine months period ended March 31, 2019, marking a 72% decline as compared to losses of same period last year (SPLY).
The company’s net Turnover was recorded at Rs. 6.1 billion for the said period, which is approximately 5x greater than that of SPLY. However, substantial increase in Finance costs by 68% and Exchange losses by 120% dragged the company into arena of losses yet again.
Nevertheless, the company’s tax expense reduced by 92%, which helped in providing some relief to the net earnings.
Moreover, the Loss per share of the company stood at Rs. 0.58 as compared to Rs. 2.34 reported in SPLY.
| Profit and loss account for the nine months ended March 31 2019 (Rupees'000) | |||
|---|---|---|---|
| Mar-19 | Mar-18 | % Change | |
| Turnover—net | 6,109,326 | 1,015,927 | 501.35% |
| Cost of services | -4,325,523 | -1,761,826 | 145.51% |
| Gross profit / (loss) | 1,783,803 | -745,899 | |
| Administrative and general expenses | -328,175 | -204,751 | 60.28% |
| Other income | 204,658 | 43,252 | 373.18% |
| Finance cost | -1,364,481 | -808,992 | 68.66% |
| Other expense — exchange loss | -1,198,782 | -544,562 | 120.14% |
| (Loss)/profit before taxation | -902,977 | -2,260,952 | -60.06% |
| Taxation | -92,942 | -1,292,743 | -92.81% |
| Net (loss)/profit for the period | -995,919 | -3,553,695 | -71.98% |
| Earnings/(loss) per ordinary share-basic and diluted | -0.58 | -2.34 | -75.21% |
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