Karachi October 28,2021: Pakistan Cables has announced its 1QFY22 result where the company has posted PAT of PKR184.9mn (EPS: PKR5.2).
Net sales stood at PKR4.34bn (↑140%/3.1% YoY/QoQ), increase is primarily attributable to recuperating economic activity (mainly construction and manufacturing) and elevated cable/wire product prices domestically says Muhammad Ali Research Analyst at Insight Securities in a research note.
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Gross profit for the quarter clocked in at PKR571mn (gross margin: 13.2%) vs PKR128.1mn (gross margin: 7.1%) in SPLY. Increase in gross profits is possibly attributable to healthy volumetric sales and rising product prices. To note, LME Copper currently stands at multi year high of $10,000/MT (Avg: ~ $9500/MT for 1QFY22).
Operating charges stood at PKR202mn (↑39%/↓12.1% YoY/QoQ) while other operating income was down by 72.1% QoQ standing at PKR26.7mn due to higher base in the previous quarter (Insurance claim on business interruption in 4QFY21).
Finance cost stood at PKR69.5mn (↑50.2%/80.6% YoY/QoQ) due to increase in short term borrowings (PKR2.3bn in 4QFY21 vs PKR1.3bn in 3QFY21). Effective tax rate was ~40% during the quarter.
