POWER incurs loss of Rs469.8m in 6MFY24

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MG News | February 27, 2024 at 03:47 PM GMT+05:00

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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.

Profit and Loss Account for the half year ended December 31, 2023 ('000 Rupees)

 

Dec-23

Dec-22

% Change

Sales - net

16,847,334

12,642,946

33.25%

Cost of sales

 (12,891,645)

(9,891,409)

30.33%

Gross (loss) / profit

3,955,689

2,751,537

 43.76%

Selling and distribution expenses

 (1,493,975)

(605,093)

146.90%

Administrative expenses

 (218,687)

(173,796)

25.83%

Other operating expenses

 (309,701)

 (374,713)

-17.35%

Operating Profit/loss

1,933,326

1,597,935

20.99

Finance Income

11,737

4,901

139.48%

Finance cost

(2,547,530)

(1,795,666)

41.87%

Finance costs - net

 (2,535,793)

 (1,790,765)

41.60%

Loss before taxation

(602,467)

(192,830)

212.43%

Taxation

132,650

613,124

-78.36%

Loss/Profit after taxation

(469,817)

420,294

-

Loss Earning per share - basic and diluted (Rupees)

-0.64

0.23

-

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