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)
