October 21, 2021 (MLN): Pakistan International Bulk Terminal (PIBTL), the country’s first terminal for handling Coal, Clinker and Cement, has reported net loss of Rs94.57 million (LPS: Rs0.05) in its financial results for the quarter ended September 30, 2021 compared to the net profit of Rs461mn (EPS: Rs0.05) in the corresponding period last year ago.
This swing to loss after tax was due to higher taxation and exchange loss.
Pursuant to the financial statement provided to PSX, the company witnessed a 20.5% YoY increase in net sales to Rs3.14bn. However, the cost in sales surged by 25.4% YoY which led the gross margins to decrease by 3ppt to 31% during the first quarter of ongoing fiscal year.
On the expense front, the company’s administrative expenses went up by 13.4% YoY to Rs140mn during 1QFY22.
Notably, the company incurred net losses due to booking of exchange loss to the tune of Rs478mn against Rs110mn gain in 1QFY21 coupled with higher effective tax rate of 184% in the said period.
Some of the positive highlights include a 10.4% YoY decrease in finance cost that stood at Rs246mn, limiting the unfavourable impact of exchange losses.
Lately, PIBTL in its analyst briefing said that the management is engaged with the lenders for restructuring its domestic loan which is expected to be finalized in 2QFY22. The company is also trying to refinance some part of the foreign loan. Once refinancing is done, the expansion would happen very soon.
Profit and Loss Account for the quarter ended September 30, 2021 ('000 Rupees) | |||
|---|---|---|---|
| Sep-21 | Sep-20 | % Change |
Revenue – net | 3,138,677 | 2,604,362 | 20.52% |
Cost of services | (2,178,512) | (1,737,590) | 25.38% |
Gross profit | 960,165 | 866,772 | 10.77% |
Administrative and general expenses | (140,416) | (123,804) | 13.42% |
Other income | 18,287 | 14,754 | 23.95% |
Finance cost | (246,811) | (275,372) | -10.37% |
Exchange (loss)/ gain | (478,214) | 110,415 | – |
Profit before taxation | 113,011 | 592,765 | -80.93% |
Taxation | (207,586) | (130,982) | 58.48% |
Net (loss)/profit for the year | (94,575) | 461,783 | – |
Earnings per share – basic and diluted (Rupees) | (0.05) | 0.26 | – |
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