Sui Northern Gas Pipelines Limited (PSX: SNGP) announced its half-yearly result yesterday which showed considerable improvement on the firms bottomline on a year-on-year basis. The companys revenue increased by 35 percent as compared to 1HFY16 albeit the gas development charge saw a big decline. Resultantly, the gross profit was up by an impressive 89 percent as compared to 1HFY16.
SNPGL also witnessed a rise in other income of almost 53 percent while its selling costs dipped by almost 28 percent as compared to the same period during the corresponding year. The company also saw an increase in administrative and other operating expenses but still managed to increase its operating profit by an impressive 280 percent as compared to 1HFY16.
Furthermore, the companys finance cost picked by 21 percent but the bottomline showed stellar improvement as compared to 1HFY16. The company managed to improve its profit after tax to Rs3603 million as compared to the Rs215 million loss earned in the 1HFY16. This resulted in the EPS going from Rs(0.34) to Rs5.68 for the period under review. The companys gross and net margins also showed improvement rising 125 bps and 256 bps respectively. With the imminent inauguration of the LNG pipeline in the coming months SNGP is all poised to build upon this result in the coming year.
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