PNSC reports sharp profit fall in Q1 2024

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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