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% |
22562