PIBTL turns the tide, reports net profits of Rs 179 million

October 25, 2019 (MLN): Pakistan International Bulk Terminal (PIBTL) posted net profits of Rs 179 million for the quarter ended September 30^th 2019, against the loss of Rs 105 million incurred in the corresponding period last year.

The earning per share (EPS) of the company locked in at 0.27 per share.

The company successfully managed to turn its last year losses into profits mainly on the back of higher net revenues which increased by Rs 487 million due to volumetric growth in cargo handling. Moreover, the gross margins of the company jumped by 3 ppts from 26% to 29%.

In addition to this, the company also booked exchange gains of Rs 438 million against the exchange loss of Rs 139.6 million last year,  which further helped in bolstering the company’s net profits.

The positive earnings were also attributable to significant improvement in Other income by 239.5% due to interest income from cash and cash equivalents.

With regards to the company’s major expense heads, its admin expenses went down negligibly by 0.35%, finance cost grew by 28% and tax payments rose considerably by 225%.

Copyright Mettis Link News