Pakistan National Shipping Corporation Limited (PSX: PNSC) has reported a profit after tax of Rs6.27 billion [EPS: Rs47.46] in its recent financial statement, showing an increase compared to the Rs5.39 billion [EPS: Rs40.8] during the same period last year (SPLY).
The company’s revenue decreased by 7.72% Year-on-Year (YoY), totaling Rs13.36 billion, down from Rs14.47 billion in SPLY. The cost of sales also decreased by 12.73% YoY, resulting in a 1.24% YoY drop in gross profit, which amounted to Rs6.23 billion in 1QFY24.
However, other income notably increased by 2.95 times YoY, reaching Rs1.88 billion in 1QFY24, compared to Rs636.59 million in SPLY.
In terms of expenses, administrative expenses saw a 20.80% YoY increase, while other expenses decreased by 59.55% YoY, reaching Rs419.64 million and Rs130.36 million, respectively.
The company’s finance costs increased by 35.72% YoY, primarily due to higher interest rates, reaching Rs400.72 million compared to Rs295.25 million in 1QFY23.
Taxes paid by the company amounted to Rs796.97 million, reflecting a 2.23 times YoY increase from the Rs358.01 million paid in the corresponding period of the previous year.
