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

News Image

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

0:00

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