EFG Hermes's losses extend by 3 times

MG News | July 31, 2019 at 03:01 PM GMT+05:00

0:00

July 31, 2019 (MLN): EFG Hermes Pakistan Limited (EFGH) announced their 6 Month result for the period ending Jun 30, 2019 where it declared a loss after tax of Rs.40 million which is over 3 times greater than loss incureed during corresponding period from last year.

This translates into a loss per share of Rs.2 per share as compared to Rs.0.63 per share of loss recorded last year.

The company suffered a hit in its revenue which tripped by 31.5% from Rs.80.4 million to Rs.55.12 million. Adding on to this, EFGH's last year's operating profits turned into massive losses this year, logging in at Rs.22.67 million, while income of margin finance tumbled by 65% over the year thus resulting in a pre-tax loss of Rs.34 million.

Profit and Loss Account for the half year ended June 30, 2019 (Rupees)
	Jun-19	Jun-18	% Change
OPERATING REVENUES
Operating revenues	43,169,005	75,277,260	-42.65%
Gain on sale on investments - net	11,956,300	5,155,731	131.90%
	55,125,305	80,432,991	-31.46%
EXPENDITURES
Administrative expenses	(77,799,174)	(79,108,183)	-1.65%
Operating Profit/(loss)	(22,673,869)	1,324,808
Other income - net	702,026	1,620,336	-56.67%
Income of margin finance	2,305,408	6,662,956	-65.40%
Financial charges	(20,507,967)	(13,062,242)	57.00%
Gain/(loss) on re-measurement of investments carried at fair value through profit and loss account	5,841,190	2,185,280	167.30%
	(11,659,343)	(2,593,670)	349.53%
PROFIT/(LOSS) BEFORE TAXATION	(34,333,212)	(1,268,862)	2605.83%
TAXATION	(5,752,580)	(11,434,393)	-49.69%
PROFIT/(LOSS) AFTER TAXATION	(40,085,792)	(12,703,255)	215.56%
Earnings per share (basic and diluted)	(2.00)	(0.63)	217.46%

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