Karachi October 23 2024: Pakistan International Bulk Terminal (PIBTL) posted a net loss in the first quarter following a 47% drop in revenue, as per the company’s filing to the stock exchange.
The company’s share price fell by 62 paisas, or 9.2%, in today’s trading session.
PIBTL’s revenue for the first quarter of FY2025 decreased by 47%, down to PKR 2.3 billion from PKR 4.4 billion in the same period last year.
Likewise, the company’s gross profit plunged by 86%, dropping to PKR 247 million compared to PKR 1.8 billion in the first quarter of the previous year.
Overall, the bulk terminal reported a loss of PKR 321 million for the quarter, a stark contrast to the profit of PKR 577 million recorded in the same period last year.
Pakistan International Bulk Terminal Limited was incorporated under the repealed Companies Ordinance, 1984 (now the Companies Act, 2017) on March 22, 2010 as a private limited company. The Company has entered into a Built Operate Transfer (BOT) contract with Port Qasim Authority (PQA) on November 06, 2010 for the construction, development, operations and management of coal and clinker/cement terminal at Port Mohammad Bin Qasim for thirty years. After the expiry date, the Company will transfer all the concession assets to PQA.
