February 28, 2024 (MLN): Nishat Chunian Limited (PSX: NCL) incurred a loss after tax of Rs385.11 million [LPS: Rs1.6] compared to a loss of Rs1.59 billion [LPS: Rs7.12] in the same period last year (SPLY), depicting an improvement of 75.8% YoY.
Going by the results, the company's top line rose by 35.02% YoY to Rs44.45bn as compared to Rs32.92bn in SPLY.
The cost of sales also rose 27.74% YoY but was lesser than proportionate to sales increase, which improved the gross profit by 124.51% YoY to Rs5.56bn in 1HFY24.
The gross margins improved significantly to 12.51% as compared to 7.52% in SPLY.
During the period under review, other income shrank by 41.24% YoY to stand at Rs158.09m in 1HFY24 as compared to Rs269.06m in SPLY.
On the expense side, the company observed an increase in distribution cost by 29.33% YoY while reducing its other expenses by 86.89% YoY to clock in at Rs1.09bn and Rs62.44m respectively during the review period.
The company’s finance cost inflated by 71.44% YoY and stood at Rs4.13bn as compared to Rs2.41bn in SPLY, mainly due to higher interest rates.
On the tax front, the company paid a higher tax worth Rs585.94m against the Rs368.11m paid in the corresponding period of last year, depicting a rise of 59.17% YoY.
| Consolidated (un-audited) Financial Results for half year ended December 31, 2023 (Rupees in '000) | |||
|---|---|---|---|
| Dec 23 | Dec 22 | % Change | |
| Sales – Net | 44,453,556 | 32,924,281 | 35.02% |
| Cost of sales | (38,892,814) | (30,447,399) | 27.74% |
| Gross Profit / (Loss) | 5,560,742 | 2,476,883 | 124.51% |
| Distribution cost | (1,090,223) | (842,951) | 29.33% |
| Administrative and general expenses | (238,738) | (241,982) | -1.34% |
| Other Income | 158,089 | 269,062 | -41.24% |
| Other Expenses | (62,442) | (476,436) | -86.89% |
| Finance Cost | (4,126,602) | (2,407,069) | 71.44% |
| Profit before taxation | 200,826 | (1,222,494) | -% |
| Taxation | (585,938) | (368,113) | 59.17% |
| Net profit / (loss) for the period | (385,113) | (1,590,607) | -75.79% |
| Basic earnings/ (loss) per share | (1.60) | (7.12) | – |
Amount in thousand except for EPS
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Posted on:2024-02-28T15:17:34+05:00
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