Pakistan International Container Terminal Limited (PICT) reported a net loss of Rs6.3 million for the half year ended June 30, 2026, compared with a profit of Rs40.6 million in the same period last year, according to the company’s unaudited financial statements.

The company’s latest results, submitted to the Pakistan Stock Exchange on August 19, 2026, show a sharp deterioration in profitability despite substantial finance income during the period. The financial statements also show that PICT did not declare any cash dividend, bonus shares, right shares or other corporate action for the period.

Revenue remains under pressure

PICT recorded revenue of Rs5 million during the six months ended June 30, 2026, compared with Rs5 million in the corresponding period of 2025. However, the company’s cost of services increased significantly to Rs6.98 million from Rs3.60 million a year earlier.

As a result, the company moved from a gross profit of Rs1.40 million in the first half of 2025 to a gross loss of Rs1.98 million in the latest period.

The quarterly figures were even weaker. For the quarter ended June 30, 2026, PICT reported revenue of Rs2.5 million against a cost of services of Rs4.98 million, resulting in a gross loss of Rs2.48 million. In the same quarter last year, the company had posted a gross loss of Rs2.32 million.

Finance income provides major support

One of the most notable features of PICT’s latest financial results is the contribution from finance income.

Finance income stood at Rs142.38 million during the half year, compared with Rs179.59 million in the same period of 2025. During the June quarter alone, finance income amounted to Rs56.70 million.

This income helped offset the company’s sizeable administrative expenses, which reached Rs111.92 million during the six-month period, compared with Rs103.03 million a year earlier.

After accounting for finance costs, exchange differences and other income, PICT reported profit before levies and taxation of Rs28.34 million. However, levies of Rs33.90 million pushed the company into a loss before taxation of Rs5.56 million.

After taxation of Rs750,000, the company’s net loss for the six-month period stood at Rs6.31 million, compared with earnings of Rs40.59 million in the same period last year. Earnings per share consequently declined to a loss of Rs0.06 from earnings of Rs0.37 per share.

Second-quarter loss widens

The company’s quarterly performance shows greater pressure on its bottom line.

PICT recorded a loss of Rs54.02 million for the quarter ended June 30, 2026, compared with a loss of Rs1.22 million in the same quarter of 2025. Quarterly loss per share increased to Rs0.49 from Rs0.01 a year earlier.

The sharp quarterly loss suggests that the company’s overall half-year result was supported by stronger performance in the earlier part of the period.

Cash position declines

PICT’s balance sheet also reflects significant changes in its liquidity position.

Cash and bank balances stood at Rs510.54 million as of June 30, 2026, compared with Rs1.49 billion at the end of December 2025. Short-term investments, however, increased to Rs2.87 billion from Rs1.82 billion.

The cash-flow statement shows that PICT generated Rs57.05 million in net cash from operating activities during the first half of 2026, compared with a net operating cash outflow of Rs52.82 million in the same period last year.

The company invested Rs4.90 billion in units of mutual funds while receiving Rs3.84 billion from the redemption of mutual fund units. Overall, investing activities resulted in a net cash outflow of approximately Rs1.03 billion.

No dividend declared

For the period under review, PICT’s board recommended no cash dividend, bonus shares, right shares or other entitlement/corporate action.

The company’s total assets stood at Rs3.98 billion at June 30, 2026, broadly unchanged from Rs3.89 billion at the end of December 2025. Total equity declined to Rs1.30 billion from Rs1.31 billion, largely reflecting the loss recorded during the period.

Outlook

PICT’s first-half results highlight a challenging operating picture, with revenue remaining modest and the cost of services exceeding revenue. Finance income continues to play an important role in supporting the company’s overall financial position, but the sharp quarterly loss indicates that profitability remains under pressure.

Investors will likely be watching whether the company can improve its core operating performance and strengthen earnings in the second half of the year, while managing its investment portfolio and liquidity position.