October 05, 2023 (MLN): Supernet Limited (PSX: GEMSPNL) experienced a notable decline in profitability, with a year-over-year decrease of 34.57%.
For the fiscal year 2023, the company reported a profit after tax amounting to Rs188.32 million, resulting in earnings per share (EPS) of Rs1.5.
This represents a significant contrast to the preceding fiscal year, FY22, during which Supernet Limited reported a profit of Rs287.82m, equivalent to an EPS of Rs2.33.
Going by the results, the company's top line increased by 24.19% YoY to Rs3.92bn as compared to Rs3.16bn in SPLY.
The cost of sales also rose by 32.72% YoY but was lesser than proportionate to sales increase, which improved the gross profit by 7.15% YoY to Rs1.13bn in FY23.
During the review period, other income expanded by 44.31% YoY to stand at Rs24.68m in FY23 as compared to Rs17.1m in SPLY.
On the expense side, the company observed a rise in Administrative expenses by 29.61% YoY to clock in at Rs513.14m.
The company’s finance costs soared by 60.16% YoY and stood at Rs43.57m as compared to Rs27.21m in FY22, mainly due to higher interest rates.
On the tax front, the company paid a lower tax worth Rs93.06m against the Rs100.23m paid in the corresponding period of last year, depicting a fall of 7.15% YoY.
| Consolidated (un-audited) Financial Results for year ended 30 June, 2023 (Rupees in '000) | |||
|---|---|---|---|
| June 23 | June 22 | % Change | |
| Sales | 3,919,991 | 3,156,413 | 24.19% |
| Cost of services | (2,791,861) | (2,103,585) | 32.72% |
| Gross Profit | 1,128,130 | 1,052,828 | 7.15% |
| Administrative expenses | (513,144) | (395,919) | 29.61% |
| Distribution costs | (203,663) | (167,654) | 21.48% |
| Exchange (loss)/ gain | (111,044) | (91,119) | 21.87% |
| Other Income | 24,680 | 17,102 | 44.31% |
| Finance cost | (43,573) | (27,206) | 60.16% |
| Profit before taxation | 281,386 | 388,032 | -27.48% |
| Taxation | (93,064) | (100,228) | -7.15% |
| Net profit for the period | 188,322 | 287,804 | -34.57% |
| Basic earnings/ (loss) per share | 1.5 | 3.22 | – |
Amount in thousand except for EPS
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Posted on: 2023-10-05T13:15:49+05:00
