Pakistan International Bulk Terminal Ltd (PIBTL) informed Pakistan Stock Exchange (PSX) last week that it has requested the International Finance Corp (IFC) and OPEC Fund for International Development (OFID) to defer the repayment of the principal instalment of its foreign loan due on 15 June 2023. The notification from Company Secretary, Karim Bux, did not disclose the amount payable but said that the company would continue to make the interest payment by the terms of its foreign financing agreements. “Furthermore, the company continues to fulfil its obligations under the local financing arrangements,” the notice said.
The company entered into a Build, Operate, Transfer (BOT) contract with Port Qasim Authority (PQA) on 6 November 2010, for the construction, development, operations and management of a coal and clinker/cement terminal at Port Muhammad Bin Qasim for a period of 30 years. It has built capacity for handling up to 12Mta of coal and 4Mta of cement and clinker, which can be further enhanced up to 20Mta. The total Investment in PIBT is about US$300m.
Financial result for 9MFY23
During the period (July 2022-March 2023), the company handled 3.89Mt of cargo against 6.17Mt in the same period last year, which is in line with the industry demand for imported coal. The management of the company is focussing on strategies to bring more efficiency to cargo handling operations and to provide unparalleled services to its customers.
During the period, the company has posted a net loss after taxation primarily due to the impact of currency devaluation on US dollar-denominated foreign loans. Financial highlights of the company for the period ended 31 March 2023, compared to last year. It reported a net loss of PKR2.58bn during this period on revenue of PKR6.83bn.
