PNSC sees increased profit in nine-month financial results
MG News | April 28, 2025 at 01:04 PM GMT+05:00
April 28, 2025 (MLN): Pakistan National Shipping Corporation Limited (PSX: PNSC) reported a 5.13% increase in its profitability for the nine months ended March 31, 2025, with profit after tax (PAT) standing at Rs15.44 billion (EPS: Rs77.94), compared to Rs14.69bn (EPS: Rs74.14) in the same period last year.
The company’s total revenue from contracts with customers decreased by 18.68% YoY to Rs28.16bn, compared to Rs34.62bn in the previous year.
This decline was primarily driven by an 18.25% drop in income from the shipping business, which fell to Rs25.06bn from Rs30.65bn in SPLY, and a 21.98% reduction in other operating activities.
Despite this decline, rental income showed a positive growth of 13.75%, reaching Rs247.43 million compared to Rs217.52m in the previous year, helping to offset some of the contraction in overall revenues.
On the expenditure side, fleet expenses decreased by 5.76% YoY to Rs19.29bn, while real estate expenses rose by 42.21% YoY to Rs133.34m. As a result, total expenditure declined by 5.57% YoY to Rs19.42bn.
Gross profit, however, saw a sharp decline of 37.10% YoY, dropping to Rs8.98bn from Rs14.28bn in the same period last year.
On the finance front, finance costs were reduced by 57.80% YoY to Rs320.27m from Rs758.86m in SPLY, helping to mitigate some of the impact from the reduced gross profit.
At the bottom line, the company reported a 5.13% increase in net profit, with profit before taxation (PBT) rising 3.29% YoY to Rs16.82bn, compared to Rs16.29bn in SPLY.
Taxation expenses decreased by 13.55%, standing at Rs1.39bn, compared to Rs1.60bn in the previous year.
Earnings per share (EPS) for the period increased by 5.13%, reaching Rs77.94 compared to Rs74.14 in the same period last year.
| Consolidated Profit and Loss For The Nine Month Ended March 31, 2025 (Rs '000) | |||
| Description | Mar-25 | Mar-24 | %Change |
| Revenue from Contract with Customers | |||
| Income from shipping business | 25,059,136 | 30,653,406 | -18.25% |
| Other operating activities | 3,098,136 | 3,970,750 | -21.98% |
| Total Revenue from Contract with Customers | 28,157,272 | 34,624,156 | -18.68% |
| Revenue from Others | |||
| Rental income | 247,428 | 217,520 | 13.75% |
| Total Revenue from Others | 28,404,700 | 34,841,676 | -18.47% |
| Expenditure | |||
| Fleet expenses | (19,289,240) | (20,469,172) | -5.76% |
| Real estate expenses | (133,342) | (93,762) | 42.21% |
| Total Expenditure | (19,422,582) | (20,567,344) | -5.57% |
| Gross Profit | 8,981,988 | 14,278,742 | -37.10% |
| Administrative expenses | (1,497,906) | (1,402,487) | 6.80% |
| Impairment loss on financial assets | (172,797) | (278,691) | -38.00% |
| Other expenses | (414,127) | (421,161) | -1.67% |
| Other income | 7,679,113 | 3,572,610 | 114.94% |
| Operating Profit | 10,775,013 | 5,372,019 | 100.58% |
| Finance costs | (320,269) | (758,863) | -57.80% |
| Profit Before Levies and Taxation | 17,351,902 | 16,789,559 | 3.35% |
| Levies | (527,417) | (500,793) | 5.32% |
| Profit Before Taxation | 16,824,485 | 16,288,766 | 3.29% |
| Taxation | (1,385,766) | (1,602,985) | -13.55% |
| Profit for the Period | 15,438,720 | 14,685,781 | 5.13% |
| Earnings Per Share (Basic & Diluted) | 77.94 | 74.14 | 5.13% |
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