EFGH loses Rs.12.7 million during the half year ended June 2018

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

                       2,185,280

                           850,929

156.81%

PROFIT/(LOSS) BEFORE TAXATION

                     (1,268,862)

                     41,760,393

 

TAXATION

                  (11,434,393)

                     (6,882,919)

66.13%

PROFIT/(LOSS) AFTER TAXATION

                  (12,703,255)

                     34,877,474

 

Earnings per share (basic and diluted)

                                  0.63

                                  1.74

-63.79%

 

Posted on: 2018-08-09T15:30:00+05:00

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