POWER incurs loss of Rs469.8m in 6MFY24

February 27, 2024 (MLN): The bottom line of Power Cement Limited (PSX: POWER) turned red in 6MFY24 as the company incurred a loss of Rs469.8 million [LPS: Rs0.64], compared to the profits of Rs420.3m [EPS: Rs0.23] in the same period last year.

Going by the results, the company's top line soared by 33.25% YoY to Rs16.84bn as compared to Rs12.64bn in 6MFY24.

The cost of sales also went up by 30.33% YoY but was less than proportionate to sales increase, which improved the gross profit by 43.76YoY to Rs3.95bn during the review period.

On the expense side, the company observed a rise in distribution expenses 2.5x YoY and administrative expenses by 26% YoY to clock in at Rs1.49bn and Rs218.68m respectively.

POWER's fixed income section observed a notable rise to clock in at Rs11.73m in 6MFY24 compared to Rs4.9m in the same period last year.

The company’s finance costs rose by 42% YoY and stood at Rs2.53bn as compared to Rs1.79bn in 6MFY23, mainly due to higher interest rates.

On the tax front, the company paid a lower tax worth Rs132.65m against the Rs613.12m paid in the corresponding period of last year, depicting a decline of 78.326% YoY.

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