April 24, 2019 (MLN): EFG HERMES (EFGH) has incurred a loss worth Rs.14.4 million (LPS: Rs.0.72) during quarter ended March 31, 2019 which is 2x greater than the loss reported for the corresponding quarter last year.
The increase in loss is attributable to lower operating revenues, loss in other operations and higher financial charges.
During 1QCY19, EFGH's operating revenues dropped by over 19%, while financial charges increased by 58%.
However, the decline in tax payments by 52% and gains on re-measurement of investment by around 826% provided a cushion to the earnings.
Profit and Loss Account for the quarter Ended March 31st 2019 (Rupees)
Mar-19
Mar-18
% Change
OPERATING REVENUES
Operating revenues
26,488,808
35,574,958
-25.54%
Gain on sale on investments – net
4,583,450
2,911,826
57.41%
31,072,258
38,486,784
-19.27%
EXPENDITURES
Administrative expenses
(41,357,247)
(37,850,965)
9.26%
Operating Profit/(loss)
(10,284,989)
635,819
Other income – net
2,859,318
546,221
423.47%
Income of margin finance
1,370,651
3,557,450
-61.47%
Financial charges
(9,862,638)
(6,236,580)
58.14%
Gain/(loss) on re-measurement of investments carried at fair value through profit and loss account
