February 24, 2025 (MLN): Pakistan National Shipping Corporation Limited (PSX: PNSC) recorded a marginal decrease of 1.33% year-on-year (YoY) in its profitability, with profit after tax (PAT) standing at Rs8.38 billion [EPS: Rs42.29] for the half-year ended December 31, 2024 (H1 FY24).The company declared an interim cash dividend of Rs10 per share (100%) for the period.According to the financial results, the company's revenue from contracts with customers declined by 16.78% YoY to Rs19.68bn, compared to Rs23.65bn in SPLY.This was primarily due to a 16.80% drop in income from the shipping business, which fell to Rs17.38bn from Rs20.89bn in SPLY.Despite a 10.79% rise in rental income, the company’s total revenue witnessed an overall contraction of 16.61%, reaching Rs19.85bn against Rs23.8bn in SPLY.On the expense side, fleet expenses decreased by 10.50% YoY to Rs12.92bn, while real estate expenses surged 127.92% YoY to Rs110.6mn.As a result, total expenditure declined 10.04% YoY to Rs13.03bn.Consequently, gross profit dropped by 26.69% to Rs6.84bn, compared to Rs9.33bn in SPLY.Meanwhile, other income showed a strong increase of 33.36%, reaching Rs4.8bn, helping offset some of the decline in gross profitability.However, administrative expenses rose 12.55% to Rs1.05bn, while finance costs plummeted 58.38% to Rs246.48mn from Rs592.22mn in SPLY.At the bottom line, profit before taxation (PBT) fell by 10.49% YoY to Rs9.62bn, compared to Rs11.1bn in SPLY.However, higher taxation of Rs1.25bn (up 4.78% YoY) weighed on net earnings, leading to the 1.33% decline in PAT.The Earnings Per Share (EPS) dropped by 11.73% to Rs42.29, compared to Rs47.91 in SPLY.Consolidated Profit and Loss For The Period Ended December 31, 2024 (Rs '000)CategoryDec-24Dec-23%ChangeIncome from shipping business17,376,59020,885,419-16.80%Other operating activities2,307,8382,768,232-16.63%Total Revenue from Contract with Customers19,684,62823,653,651-16.78%Rental income163,846147,89410.79%Total Revenue from Others19,848,47423,821,545-16.61%Fleet expenses(12,920,718)(14,436,894)-10.50%Real estate expenses(110,598)(58,524)127.92%Total Expenditure(13,011,727)(14,498,368)-10.04%Gross Profit6,836,7479,323,157-26.69%Administrative expenses(1,050,307)(933,229)12.55%Impairment loss on financial assets(86,059)(114,141)-24.60%Other expenses(390,556)(178,669)-23.37%Other income4,801,8393,600,63233.36%Operating Profit10,187,42811,697,6500.29%Finance costs(246,481)(592,223)-58.38%Profit Before Levies and Taxation9,940,94711,105,427-10.49%Levies(318,884)(427,029)-25.32%Profit Before Taxation9,622,0639,138,5685.29%Taxation(1,245,453)(1,188,649)4.78%Profit for the Period8,376,6109,489,749-1.33%Other Comprehensive Income–4,681 Total Comprehensive Income for the Period8,376,6108,494,430-1.39%Profit for the Year Attributable to Equity Holders8,375,6719,493,199-11.77%Non-controlling interest9391,231-23.72%Earnings Per Share (Basic & Diluted)42.2947.91-11.73%Copyright Mettis Link NewsPosted on: 2025-02-24T11:14:36+05:00The post PNSC reports over 1% YoY decline in profit for H1FY24 appeared first on Mettis Global Link.