Cnergyico PK Limited (PSX: CNERGY) has announced its consolidated financial results for the year ended 30 June 2023.
The company posted a loss of Rs. 13.6 billion in FY23, compared to a profit of around Rs. 4.1 billion in the same period last year, according to a filing at the Pakistan Stock Exchange (PSX).
According to the company’s results, its revenue was up by 14 percent to Rs. 193.9 billion in FY23, compared to Rs. 170 billion in SPLY.
CNERGY’s cost of sales was up by 28 percent to Rs. 204.5 billion from Rs. 159.9 billion. Overall, this resulted in a gross loss of Rs. 10.6 billion in FY23 against a profit of Rs. 10.1 billion in SPLY.
The finance cost of the company saw a staggering 122 percent increase from Rs. 2.96 billion in FY22 to Rs. 6.58 billion in FY23. Meanwhile, the company’s other income jumped by 678 percent to Rs. 7.9 billion during the period under review.
Administrative expenses increased to Rs. 1.25 billion while selling and distribution expenses decreased by 18.8 percent to Rs. 481 million compared to Rs. 592 million in FY22. The company paid Rs. 473.5 million in taxes during FY23.
The company reported a loss per share (LPS) of Rs. 2.51 as compared to an EPS (Restated) of Rs. 0.76 last year. CNERGY’s scrip at the bourse closed at Rs. 3.13, down by Rs. 0.09 or 2.96 percent, with a turnover of 17,096,921 shares on Monday.
Restructuring
In a separate stock filing, CNERGY said its board discussed the company’s financial position, along with the management’s proposal for potentially carrying out a corporate reorganization/restructuring of the company and its group entities, involving, inter alia, segregating the company’s business units by carving the same into separate subsidiaries to facilitate generation of new investment in the business units and for better focus and management of the business units.
The Board of Directors granted in-principle approval to the management to formulate and propose the terms for the potential arrangement, including to prepare necessary documents in this respect, upon finalization of which by the management, the same be presented to the Board of Directors for their consideration and approval.
To proceed further in the matter, the Board of Directors authorized the company to, inter alia, engage legal, financial, and such other advisors and consultants as may be required for the purposes of the above, and carry out other necessary steps and actions.
