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

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By 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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