PNSC profit rises by 16% in 1QFY24 despite sales decline

October 25, 2023 (MLN): Pakistan National Shipping Corporation Limited (PSX: PNSC) reported its profit and loss statement, wherein the profit after tax clocked in at Rs6.27 billion [EPS: Rs47.46] compared to a profit of Rs5.39bn [EPS: Rs40.8] in the same period last year (SPLY).

Going by the results, the company's top line shrank by 7.72% YoY to Rs13.36bn as compared to Rs14.47bn in SPLY.

The cost of sales also fell by 12.73% YoY but was lesser than proportionate to sales decline, which worsened the gross profit by 1.24% YoY to Rs6.23bn in 1QFY24.

However, during the review period, other income expanded significantly by 2.95x YoY to stand at Rs1.88bn in 1QFY24 as compared to Rs636.59m in SPLY.

On the expense side, the company observed an increase in administrative expenses by 20.80% YoY while reducing its other expenses by 59.55% YoY to clock in at Rs419.64m and Rs130.36m respectively during the review period.

The company’s finance costs increased by 35.72% YoY and stood at Rs400.72m as compared to Rs295.25m in 1QFY23, mainly due to higher interest rates.

On the tax front, the company paid a higher tax worth Rs796.97m against the Rs358.01m paid in the corresponding period of last year, depicting an increase of 2.23x YoY.

Amount in thousand except for EPS

PNSC and KSE-100 YTD Performance

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