PIBTL sees decline in profitability

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By MG News | April 22, 2025 at 02:40 PM GMT+05:00

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April 22, 2025 (MLN): Pakistan International Bulk Terminal Limited (PSX: PIBTL) reported a net loss of Rs262.68 million [LPS: Rs0.15] for the nine months ended March 31, 2025, compared to a profit of Rs1.39 billion [EPS: Rs0.78] in the same period last year.

This downturn followed a significant 36.2% drop in revenue, which fell to Rs7.44bn from Rs11.67bn last year.

Despite a 15.8% decrease in the cost of services to Rs6.1bn, gross profit plunged by 69.7% to Rs1.34bn, down from Rs4.42bn in the prior period.

Administrative and general expenses increased by 28.2% to Rs849.3m, while other income surged by 197% to Rs388.01m.

The finance cost declined by 29.6% to Rs1.08bn, whereas the company posted an exchange loss of Rs28.06m compared to a gain of Rs189.2m last year.

Loss before income taxes stood at Rs328.2m, as against a profit of Rs2.54bn in the corresponding period.

A tax income of Rs65.52m was recorded in the period under review, versus a tax expense of Rs1.15bn previously.

The company booked a surplus of Rs636.81m on the revaluation of property, plant, and equipment, resulting in a total comprehensive income of Rs374.13m for the period, still down 73.1% from Rs1.39bn last year.

Financial Results for the Nine Months Ended March 31, 2025 (Rs '000)
Particulars Mar-25 Mar-24 %Change
Revenue from contracts with customers - net 7,442,190 11,672,737 -36.24%
Cost of services (6,100,195) (7,247,693) -15.83%
Gross profit 1,341,995 4,425,044 -69.67%
Administrative and general expenses (849,302) (662,340) 28.23%
Other income 388,019 130,616 197.07%
Finance cost (1,087,777) (1,545,212) -29.60%
Exchange (loss) / gain (28,063) 189,204 -
(Loss) / profit before revenue taxes and income taxes (235,128) 2,537,312 -
Revenue taxes (93,073) - -
(Loss) / profit before income taxes (328,201) 2,537,312 -
Income taxes 65,518 (1,145,193) -
Net (loss) / profit for the period (262,683) 1,392,119 -
Other comprehensive income     -
Surplus on revaluation of property, plant and equipment - net of tax 636,810 - -
Total comprehensive income / (loss) for the period 374,127 1,392,119 -73.13%
(Loss) / earnings per ordinary share – basic and diluted (0.15) 0.78 -

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