PIBTL's loss widens to Rs2.16bn in FY23
MG News | November 03, 2023 at 04:29 PM GMT+05:00
November 03, 2023 (MLN): Pakistan International Bulk Terminal Limited (PSX: PIBTL) 's loss after tax widened significantly to Rs2.16 billion [LPS: 1.21] in fiscal year 2023, compared to the loss of Rs632.39m [LPS: 0.35] reported in the Same Period Last Year (SPLY).
Going by the results, the company's top line marked a decline of 13.72% YoY to Rs9.07bn as compared to Rs10.52bn in SPLY.
The cost of sales also fell by 2.86% YoY but as the sales of the company declined by a greater proportion, the gross profit plummeted by 43.32% YoY to Rs1.6bn in FY23.
On the expense side, PIBTL's administrative and general expenses inched up by 0.68% YoY to stand at Rs583.57m during the review period.
The profit and loss statement further shows that the massive increase in exchange losses of 40.05% YoY to clock in at Rs2.31bn.
PIBTL's other income went down by 18.98% YoY to stand at Rs179.04m in FY23 as compared to Rs220.98m in SPLY.
The company’s finance costs surged by 81.56% YoY and stood at Rs2.01bn as compared to Rs1.11bn in FY22, mainly due to higher interest rates.
On the tax front, PIBTL incurred a tax rebate worth Rs972.7m in FY23, against a tax expense of Rs338.16m reported during the SPLY.
| Statement for Profit and Loss for the year ended 30 June 2023 (Rupees in '000) | |||
|---|---|---|---|
| June 23 | June 22 | % Change | |
| Sales | 9,072,699 | 10,515,512 | -13.72% |
| Cost of sales | (7,472,722) | (7,692,541) | -2.86% |
| Gross Profit | 1,599,977 | 2,822,971 | -43.32% |
| Exchange loss | (2,310,140) | (1,649,475) | 40.05% |
| Administrative and general expenses | (583,574) | (579,604) | 0.68% |
| Other Income | 179,039 | 220,977 | -18.98% |
| Finance cost | (2,013,644) | (1,109,099) | 81.56% |
| Profit before tax | (3,128,342) | (294,230) | 963.23% |
| Taxation | 972,702 | (338,163) | - |
| Net profit for the period | (2,155,640) | (632,393) | 240.87% |
| Basic and diluted earnings/ (loss) per share | (1.21) | (0.35) | - |
PIBTL and KSE-100 YTD performance

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