PIBTL sees sharp 77% profit drop in H1FY25

MG News | February 20, 2025 at 03:37 PM GMT+05:00

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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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