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 | - |
Copyright Mettis Link News
Related News
Name | Price/Vol | %Chg/NChg |
---|---|---|
KSE100 | 138,412.25 167.69M | 0.32% 447.43 |
ALLSHR | 85,702.96 423.92M | 0.15% 131.52 |
KSE30 | 42,254.84 82.09M | 0.43% 180.24 |
KMI30 | 194,109.59 84.37M | 0.15% 281.36 |
KMIALLSHR | 56,713.67 217.03M | 0.03% 16.37 |
BKTi | 37,831.34 13.04M | 1.62% 603.62 |
OGTi | 27,440.63 3.93M | -0.09% -23.70 |
Symbol | Bid/Ask | High/Low |
---|
Name | Last | High/Low | Chg/%Chg |
---|---|---|---|
BITCOIN FUTURES | 118,595.00 | 119,740.00 118,145.00 | 300.00 0.25% |
BRENT CRUDE | 73.31 | 73.52 71.75 | 0.80 1.10% |
RICHARDS BAY COAL MONTHLY | 96.50 | 0.00 0.00 | 2.20 2.33% |
ROTTERDAM COAL MONTHLY | 104.50 | 104.50 104.50 | -0.30 -0.29% |
USD RBD PALM OLEIN | 998.50 | 998.50 998.50 | 0.00 0.00% |
CRUDE OIL - WTI | 70.14 | 70.35 68.45 | 0.93 1.34% |
SUGAR #11 WORLD | 16.51 | 16.58 16.37 | -0.08 -0.48% |
Chart of the Day
Latest News
Top 5 things to watch in this week
Pakistan Stock Movers
Name | Last | Chg/%Chg |
---|
Name | Last | Chg/%Chg |
---|