Avanceon Limited (AVN): 3QCY23 EPS clocked in at PKR0.77 – Below expectation – By Insight Research

<p></p><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">Avanceon Limited has announced its 3QCY23 result, wherein the company has reported consolidated PAT of ~PK291mn (EPS: PKR0.77) as compared to PAT of PKR452mn (EPS: PKR1.20) in SPLY, down by 36% YoY. The result is below our expectations mainly due to lower than expected topline.</span></li></ul><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">Revenue for the quarter clocked in at PKR2.2bn, down by 3%/52% YoY/QoQ, possibly due to lower revenue recognition.</span></li></ul><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">The company dollarized revenue clocked in at ~US$7.7mn in 3QCY23 taking 9MCY23 to clock in at US$28.8mn. To highlight, company has set revenue target of US$70mn for CY2...