PIBTL sees sharp 77% profit drop in H1FY25
MG News | February 20, 2025 at 03:37 PM GMT+05:00
February 20, 2025 (MLN): Pakistan International Bulk Terminal Limited’s (PSX: PIBTL) profitability took a hit in H1FY25, with net profit plunging by nearly 77% YoY to Rs247.14 million from Rs1.06 billion in the same period last year.
The company’s revenue from contracts with customers dropped 30.7% YoY to Rs5.59bn, compared to Rs8.07bn in H1FY24, amid rising operational challenges.
Meanwhile, gross profit tumbled 64.1% to Rs1.11bn.
Administrative and general expenses remained largely stable at Rs319.19mn.
Other income saw a notable surge of 240.2% YoY, reaching Rs369.53mn.
Finance costs decreased by 21.7% to Rs834.84mn, while the company faced an exchange loss of Rs7.31mn, contrasting with a gain of Rs108.18mn in the previous year.
Profit before income tax dropped 87% YoY to Rs252.29mn, while taxation expenses significantly declined by 99.4%, standing at Rs5.15mn.
The company's total comprehensive income for the period declined 16.3% YoY to Rs883.95mn.
Earnings per share (EPS) also contracted sharply, falling 76.3% to Rs0.14 from Rs0.59 in H1FY24.
| Financial Result For The Period Ended December 31, 2024 | |||
| Dec-24 | Dec-23 | %Change | |
| Revenue from contracts with customers - net | 5,593,139 | 8,072,185 | -30.71% |
| Cost of services | (4,479,066) | (4,965,236) | -9.79% |
| Gross profit | 1,114,073 | 3,106,949 | -64.14% |
| Administrative and general expenses | (319,196) | (317,333) | 0.59% |
| Other income | 369,526 | 108,632 | 240.16% |
| Finance cost | (834,838) | (1,066,029) | -21.69% |
| Exchange (loss) / gain | (7,312) | 108,177 | -106.76% |
| Profit before revenue taxes and income taxes | 322,253 | 1,940,396 | -83.39% |
| Revenue taxes | (69,956) | - | |
| Profit before income taxes | 252,297 | 1,940,396 | -87.00% |
| Income taxes | (5,154) | (883,861) | -99.42% |
| Net profit for the period | 247,143 | 1,056,535 | -76.61% |
| Other comprehensive income | |||
| Surplus on revaluation of property, plant, and equipment - net of tax | 636,810 | - | |
| Total comprehensive income for the period | 883,953 | 1,056,535 | -16.33% |
| Earnings per ordinary share - basic and diluted | 0.14 | 0.59 | -76.27% |
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