PIBT reports volumes down in 1QFY22-23

Pakistan International Bulk Terminal Ltd (PIBT) reported cargo volumes down to 2.133Mt in the 1QFY22-23 (ended 30 September 2022) compared to 2.782Mt reported in the same period of the previous financial year. The trend is in line with industry demand for imported coal. However, the terminal’s net revenue increased by 1.3 per cent YoY to PKR3.461bn in the 1QFY22-23 from PKR3.138bn.

A loss of PKR437m was reported for the 1QFY22-23 period. The net loss after taxation has been attributed to the impact of currency devaluation on US dollar-denominated foreign loans.

New revenue option
Meanwhile, according to local media, PIBT has expressed willingness to supply local Thar coal to a 300MW plant at Gwadar Port through barges and ships from its terminal as the government intends to shift imported coal projects to local coal. PIBT has urged Private Power and Infrastructure Board (PPIB) to consider its proposal while preparing the feasibility study for coal transportation by sea from PIBT (Port Qasim) to Gwadar through barges.