PNSC topline plummets 71.4% to Rs1bn in third quarter
MG News | October 22, 2024 at 03:54 PM GMT+05:00
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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