PNSC reports sharp profit fall in Q1 2024

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MG News | April 26, 2024 at 03:39 PM GMT+05:00

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April 26, 2024 (MLN): Pakistan National Shipping Corporation Limited (PSX: PNSC) experienced a fall of 72.9% YoY in its profits in the first quarter of 2024, earning a profit after tax of Rs672.63 million [EPS: Rs5.09], compared to a profit of Rs2.48 billion [EPS: Rs18.78] in the same period last year (SPLY).

Going by the results, the company's top line slid by 69.6% YoY to Rs712.6m as compared to Rs2.35bn in SPLY.

The expenditure also fell by 67.1% YoY but was lesser than proportionate to sales decline, which worsened the gross profit by 75.5% YoY to Rs174.18m in 1Q2024.

The gross margins fell to 24.44% as compared to 30.33% in SPLY.

During the period under review, other income went down by 34.2% YoY to stand at Rs1.7bn in 1Q2024 as compared to Rs2.59bn in SPLY.

On the expense side, the company observed a fall in administrative expenses by 55.0% YoY while other expenses surged by 3.6x YoY to clock in at Rs46.55m and Rs251.35m respectively during the review period.

The company’s finance cost fell by 53.3% YoY and stood at Rs164.56m as compared to Rs352.52m in SPLY.

On the tax front, the company paid a higher tax worth Rs451.82m against the Rs281.18m paid in the corresponding period of last year, depicting an increase of 60.7% YoY.

Unconsolidated (un-audited) Financial Results for quarter ended March 31, 2024 (Rupees in '000)
  Mar 24 Mar 23 % Change
Sales 712,604 2,345,929 -69.62%
Expenditure (538,424) (1,634,393) -67.06%
Gross Profit/ (loss) 174,180 711,536 -75.52%
Administrative Expenses (46,546) (103,467) -55.01%
Other Gains / (Losses) (290,321) (11,673) 2387.12%
Other Income 1,703,036 2,587,659 -34.19%
Other Operating Expenses (251,348) (69,977) 259.19%
Finance Cost (164,556) (352,522) -53.32%
Profit/ (loss) before taxation 1,124,445 2,761,556 -59.28%
Taxation (451,818) (281,183) 60.68%
Net profit/ (loss) for the period 672,627 2,480,373 -72.88%
Basic earnings/ (loss) per share 5.09 18.78 -

Amount in thousand except for EPS

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