PIBTL's loss widens to Rs2.16bn in FY23

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.

PIBTL and KSE-100 YTD performance

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