Saif Power Q3 profit falls 25%
MG News | October 29, 2024 at 03:15 PM GMT+05:00
October 29, 2024 (MLN): Saif Power Limited (PSX: SPWL) recorded a profit after tax of Rs535.37 million [EPS: Rs1.39] during the quarter ending September 2024, down 25.3% from the profit of Rs717.09m [EPS: Rs1.86] in the same period last year (SPLY).
The company's revenue went down by 39.2% to Rs4.49bn as compared to Rs7.39bn in SPLY.
The cost of sales fell by 39.8% but was higher than proportionate to sales decline, which worsened the gross profit by 36.6% to Rs877.6m in Q3 CY24.
The gross margins improved to 19.5% as compared to 18.7% in SPLY.
On the expense side, the company's administrative expenses rose 56.5% from a year ago to Rs92.59m, selling and distribution expenses rose to Rs0m, and other operating expenses rose to Rs0m.
The company’s finance cost deflated by 80.2% and stood at Rs120.96m as compared to Rs609.32m in SPLY.
| Unconsolidated (un-audited) Financial Results for quarter ended September 30, 2024 (Rupees in '000) | |||
|---|---|---|---|
| Sep 24 | Sep 23 | % Change | |
| Sales | 4,492,067 | 7,392,666 | -39.24% |
| Cost of sales | (3,614,469) | (6,008,579) | -39.84% |
| Gross Profit/ (loss) | 877,598 | 1,384,087 | -36.59% |
| Administrative Expenses | (92,586) | (59,176) | 56.46% |
| Other Income | (128,679) | 1,497 | - |
| Finance Cost | (120,959) | (609,319) | -80.15% |
| Net profit/ (loss) for the period | 535,373 | 717,090 | -25.34% |
| Basic earnings/ (loss) per share | 1.39 | 1.86 | - |
Amount in thousand except for EPS
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