PNSC topline plummets 71.4% to Rs1bn in third quarter

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MG News | October 22, 2024 at 03:54 PM GMT+05:00

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October 22, 2024 (MLN): Pakistan National Shipping Corporation Limited (PSX: PNSC) recorded a decrease of 1.7% YoY in its profitability, clocking in its profit after tax at Rs1.43 billion [EPS: Rs10.81] for the third quarter.

This compares to the bottom line of Rs1.45bn [EPS: Rs10.99] recorded in the same period last year (SPLY).

Going by the results, the company's top line plummeted by 71.4% to Rs1.02bn as compared to Rs3.56bn in SPLY.

The cost of sales fell by 62.3%, but since the drop in sales was greater, gross profit declined by 90.8% to Rs104.66m in Q3 CY24.

The gross margins worsened to 10.3% as compared to 32.1% in SPLY.

PNSC's significant decline in sales was partially offset by a 36.9% increase in other income, which rose to Rs 2.37 billion in Q3 CY24, compared to Rs1.73bn in the SPLY.

Furthermore, the company's administrative expenses fell 49.8% YoY to Rs52.65m.

On the other hand, other operating expenses rose 37.8% YoY to Rs161.12m.

The company’s finance cost shrunk 65.5% and stood at Rs137.26m as compared to Rs397.6m in SPLY.

On the tax front, the company paid a lower tax worth Rs698.36m against the Rs759.77m paid in the corresponding period of last year, depicting a fall of 8.1%.

Unconsolidated (un-audited) Financial Results for quarter ended September 30, 2024 (Rupees in '000)
  Sep 24 Sep 23 % Change
Sales 1,016,521 3,555,755 -71.41%
Cost of sales (911,866) (2,415,877) -62.26%
Gross Profit/ (loss) 104,655 1,139,878 -90.82%
Administrative Expenses (52,654) (104,855) -49.78%
Impairment loss on financial assets 0 (41,742) -
Other Income 2,372,233 1,732,883 36.90%
Other Operating Expenses (161,123) (116,947) 37.77%
Finance Cost (137,262) (397,597) -65.48%
Profit/ (loss) before taxation 2,125,849 2,211,620 -3.88%
Final tax / levies (698,355) (759,765) -8.08%
Net profit/ (loss) for the period 1,427,494 1,451,855 -1.68%
Basic earnings/ (loss) per share 10.81 10.99 -

Amount in thousand except for EPS

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