Power Cement swings to loss in Q1 2024, posts Rs717m deficit

MG News | April 30, 2024 at 04:44 PM GMT+05:00

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April 30, 2024 (MLN): Power Cement Limited (PSX: POWER) has taken a major hit during the quarter ended March 31, 2024 (Q1 2024) incurring a loss of Rs717.09 million [LPS: 0.77], compared to a profit of Rs133.13m [EPS: 0.03] reported in the same quarter last year.

The company's revenue marked a decline of 8.8% YoY to Rs8.09bn as compared to Rs8.87bn in SPLY.

The cost of sales registered a lower drop due to which the gross profit worsened by 27.8% YoY to Rs1.5bn in Q1 2024.

On the expense side, the company's administrative expenses rose 50.7% YoY to Rs819.95m and selling and distribution expenses increased by 9.5% YoY to Rs109.73m.

Despite an inflow of Rs135.04m compared to expenses of Rs360.61m, POWER recorded a loss.

The company’s finance cost rose by 33.8% YoY and stood at Rs1.36bn as compared to Rs1.01bn in SPLY, mainly due to higher interest rates.

On the tax front, the company paid Rs79.47m in Q12024, compared to a tax credit of Rs60.64m in Q12023.

Unconsolidated (un-audited) Financial Results for quarter ended March 31, 2024 (Rupees in '000)
	Mar 24	Mar 23	% Change
Sales	8,091,953	8,870,180	-8.77%
Cost of sales	(6,588,592)	(6,788,219)	-2.94%
Gross Profit/ (loss)	1,503,361	2,081,961	-27.79%
Administrative Expenses	(819,947)	(544,159)	50.68%
Selling And Distribution Expenses	(109,733)	(100,208)	9.51%
Other expenses/ income	135,035	(360,610)	-
Finance income	9,345	8,627	8.32%
Net Finance Cost	(1,355,686)	(1,013,113)	33.81%
Profit/ (loss) before taxation	(637,625)	72,498	-
Taxation	(79,469)	60,635	-
Net profit/ (loss) for the period	(717,094)	133,133	-
Basic earnings/ (loss) per share	(0.77)	0.03	-

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