October 19, 2018 (MLN): The overall net profit income for Dolmen City REIT has demonstrated a growth of 5.41% for the quarter ended September 30th 2018 as compared to the corresponding period last year.
According to the notification on financial results issued to PSX, the growth in profits was a result of increase in top-line earnings for the company as they increased from Rs. 787 million last year to Rs. 840 million this year, exhibiting a growth of 6.74%
Moreover, the effect of decrease in non-core income by Rs. 23 million negated the effect of fall in administrative expenses by Rs. 10 million. However, the overall effect on net operating income remained positive as it improved by 5.56%.
Even though most of the expenses showed a growth during the quarter ended September 30th as compared to last year, the net profit still managed to achieve an overall improvement as it grew by Rs. 37 million.
The basic and diluted earnings per share of the company grew by 6.45%.
Furthermore, the company announced a cash dividend of Rs. 0.33 per unit for the quarter ended September 30th.
|
Profit and loss account for three months ended September 30th 2018 ('000 Rupees) |
|||
|---|---|---|---|
|
|
Sep-18 |
Sep-17 |
% Change |
|
Rental income |
798,764 |
750,991 |
6.36% |
|
Marketing income |
42,162 |
36,864 |
14.37% |
|
Total Income |
840,926 |
787,855 |
6.74% |
|
Administrative and operating expenses |
-105,081 |
-115,656 |
-9.14% |
|
Other income – profit on deposits |
24,386 |
47,991 |
-49.19% |
|
Net operating income |
760,231 |
720,190 |
5.56% |
|
Management fee |
-22,075 |
-20,166 |
9.47% |
|
Sindh Sales Tax on management fee |
-2,870 |
-2,622 |
9.46% |
|
Trustee remuneration |
-3,679 |
-3,361 |
9.46% |
|
Sindh Sales Tax on trustee remuneration |
-478 |
-437 |
9.38% |
|
Net Profit |
731,129 |
693,604 |
5.41% |
|
Earnings per unit – Basic and diluted |
0.33 |
0.31 |
6.45% |
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