Hum network suffers losses following increment in COP

MG News | October 29, 2018 at 01:02 PM GMT+05:00

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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 30^th 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 30^th 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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