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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Posted on: 2024-02-27T15:47:17+05:00
