PIBTL sees decline in profitability

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