February 28, 2022 (MLN): Pakistan International Bulk Terminal (PIBTL), the country’s first terminal for handling Coal, Clinker and Cement, has incurred a net loss of Rs2.63 million (LPS: Rs0.001) in its financial results for the half-year ended December 31, 2021, compared to the profit of Rs1.29 billion (EPS: Rs0.71) in the corresponding period last year ago.
This swing to loss after tax was due to lower margins and exchange loss.
Going by the financial statement provided to PSX, the company witnessed a 7.5% YoY decrease in net sales to Rs5.34bn. While the cost in sales inched down by 0.25% YoY. As a result, the gross margins of the company decreased by 5ppt to 28% during 1HFY22.
On the expense front, the company’s administrative costs almost remained flat at Rs263mn during 1HFY22.
Notably, the company incurred net losses due to booking of exchange loss to the tune of Rs732mn against Rs342mn gain in 1HFY21 coupled with higher effective tax rate of 102% in the said period, denting the bottom-line.
Some of the positive highlights include a 3.5x YoY increase in other income which stood at Rs511mn, restricting the unfavourable impact of exchange losses. Meanwhile, the finance costs of the company edged lower by 0.2% YoY to Rs510mn.
|
Profit and Loss Account for the half-year ended December 31, 2021 ('000 Rupees) |
|||
|---|---|---|---|
|
|
Dec-21 |
Dec-20 |
% Change |
|
Revenue – net |
5,342,050 |
5,775,581 |
-7.51% |
|
Cost of services |
(3,846,465) |
(3,856,055) |
-0.25% |
|
Gross profit |
1,495,585 |
1,919,526 |
-22.09% |
|
Administrative and general expenses |
(263,145) |
(262,663) |
0.18% |
|
Other income |
158,582 |
45,196 |
250.88% |
|
Finance costs |
(510,774) |
(511,735) |
-0.19% |
|
Other (charge)/income-exchange (loss)/ gain |
(732,537) |
341,620 |
– |
|
Profit before taxation |
147,711 |
1,531,944 |
-90.36% |
|
Taxation |
(150,337) |
(263,131) |
-42.87% |
|
Net (loss)/ profit for the period |
(2,626) |
1,268,813 |
– |
|
Earnings per share – basic and diluted (Rupees) |
0.001 |
0.71 |
-99.86% |
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