Hum network suffers losses following increment in COP
MG News | October 29, 2018 at 01:02 PM GMT+05:00
October 29, 2018 (MLN): Hum Network Limited’s (HUMNL) latest notification to PSX has disclosed losses amounting to Rs. 147 million for the quarter ended 30th September 2018. The reasons attributed to this downturn in company’s profitability include reduced top-line earnings to cover the large increment in Cost of sales and Finance costs.
The sales revenue for the company declined by 7.67%, whereas the cost of production and transmission costs grew by 36.49% and 91.58% respectively, causing the Gross profits to fall significantly by 77.93%.
In spite of presence of positive indications such as reduction in Administrative expenses by 12.82% and increase in other operating income by 77.33%, the company still suffered losses owing to enormous increase in financial costs by 1368%.
Furthermore, the taxation expense added fuel to the fire by reporting a growth of 4.63%.
The loss per share for the company was stated at Rs0.16 for the quarter ended 30th September 2018.
| Profit and loss account for the quarter ended September 30th 2018 | |||
|---|---|---|---|
| Sep-18 | Sep-17 | % Change | |
| Revenue - net | 1,254,253,361 | 1,358,468,098 | -7.67% |
| Cost of production | -1,029,943,302 | -754,606,059 | 36.49% |
| Transmission cost | -102,875,103 | -53,698,539 | 91.58% |
| Gross profit | 121,434,956 | 550,163,500 | -77.93% |
| Distribution costs | -100,070,291 | -59,214,216 | 69.00% |
| Administrative expenses | -154,456,993 | -177,172,754 | -12.82% |
| Other operating income | 33,610,719 | 18,953,639 | 77.33% |
| Finance costs | -26,476,555 | -1,803,435 | 1368.12% |
| (Loss)/Profit before taxation | -125,958,164 | 330,926,734 | |
| Taxation | -21,606,765 | -20,650,054 | 4.63% |
| Net (loss)/profit for the period | -147,564,929 | 310,276,680 | |
| (Loss)/Earnings per share - basic and diluted | -0.16 | 0.33 |
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