Corporate Roundup: AWWAL's profits decline while MWMP reports tragic losses

February 7, 2019 (MLN): Awwal Modaraba suffered substantial decline in half-yearly profits (-44.6%, YoY) and quarterly profits (-61%) for the respective periods ended on December 31, 2018.

The free-fall in advisory fee during last quarter (down by Rs.42 million) sent the overall income plummeting by Rs.33.4 million during quarter and by Rs.91.4 million during the six month period.

Nevertheless, the company did redeem itself to a some extent by managing to limit its expenses considerably.

AWWAL reported its quarterly profits at Rs.22 million, EPS: Rs.0.22 and its half yearly profits at Rs.43.1 million, EPS: Rs.0.43.

In contrast, Mandviwalla Mauser Plastic Industries Limited incurred a loss worth Rs.8.2 million during CY18 while last year the company made a profit worth Rs.18 thousand. The company’s loss per share stands at Rs.1.11.

The financial statement issued to Pakistan Stock Exchange reveals that the company’s main source of inflow is non-core income which was Rs.7.7 million last year but nil this time around. Consequentially, this year’s performance suffered terribly.

Copyright Mettis Link News