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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Posted on: 2024-04-26T15:39:28+05:00
