Power Cement swings to loss in Q1 2024, posts Rs717m deficit
MG News | April 30, 2024 at 04:44 PM GMT+05:00
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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