In a Board of Directors meeting held on Thursday, August 9th 2018, EFG Hermes discussed its financial earnings for the half year ended on June 30th 2018.
As per the report issued to PSX, compared to the six months’ period that ended on June 30th 2017, EFGH’s Net gain on sale of investments reduced majorly by 90%.
Moreover, the Operating profits also dropped by 97%, while Other net income increased by 55%
The company’s income on margin finance increased substantially by 2069% while financial charges surged by almost 60%.
Gain on re-measurement of investments carried at fair value through profit and loss account went up by 156%.
Overall, EFGH reported a loss of Rs.12.7 million during the period under review. Basic and diluted earnings per share dropped by 63% to Rs.0.63 per share.
Profit and Loss Account for The Half Year Ended June 30th 2018 (Rupees)
Jun-18
Jun-17
% Change
OPERATING REVENUES
Operating revenues
75,277,260
68,772,700
9.46%
Gain on sale of investments – net
5,155,731
52,232,386
-90.13%
80,432,991
121,005,086
-33.53%
EXPENDITURES
Administrative expenses
(79,108,183)
(73,258,432)
7.99%
Operating Profit/(loss)
1,324,808
47,746,654
-97.23%
Other income – net
1,620,336
1,042,060
55.49%
Income on margin finance
6,662,956
307,166
2069.17%
Financial charges
(13,062,242)
(8,186,416)
59.56%
Gain/(loss) on re-measurement of investments carried at fair value through profit and loss account
