Earning Review: Cyan Limited disappoints!
MG News | August 19, 2019 at 06:00 PM GMT+05:00
August 19, 2019 (MLN): Cyan Limited held its Board Meeting on August 19, 2019, in which the board announced Losses of Rs. 55 million for the half year ended June 30, 2019, as compared to profits of Rs. 155 million recorded in the same period of last year.
According to the official document issued to the PSX, the company suffered heavily due to decline in gain on sale of investments by 97%.
The Company’s Loss per share stood at Rs. 0.95 for the said period, as opposed to EPS of Rs. 2.65 recorded in the same period last year.
| Profit and loss account for the half year ended June 30, 2019 (Rupees'000) | |||
|---|---|---|---|
|
| June, 2019 | June, 2018 | % Change |
| Return on investments | 51,099 | 50,888 | 0.41% |
| Gain / (loss) on sale of investments - net | 6,438 | 252,340 | -97.45% |
| Other income | 8,132 | 5,806 | 40.06% |
| Unrealized diminution on re-measurement of investments classified as financial assets at fair value through profit or loss - net | -21,324 | -56,028 | -61.94% |
| Unrealized gain on re-measurement of derivatives - net |
| 2,496 |
|
| Operating and administrative expenses | -57,958 | -53,633 | 8.06% |
| Financial charges | -3,618 | -5,489 | -34.09% |
| (Loss) / profit for the period before taxation | -17,231 | 196,380 |
|
| Taxation | -38,547 | -40,939 | -5.84% |
| (Loss) / profit for the period after taxation | -55,778 | 155,441 |
|
| Basic and diluted (loss) / earnings per share | -0.95 | 2.65 |
|
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