Hum Network's annual profits decline by 17.5% on account of rising cost pressure
By MG News | October 02, 2018 at 01:31 PM GMT+05:00
October 2, 2018 (MLN): Hum Network Limited (HNL) has reported a 17.5% decline in its annual consolidated profits for the year ended June 30th 2018, mainly due to surging cost of production, finance costs and tax provisions.
A Board of Directors meeting took place earlier today, in which the board reviewed the company’s financial statement for the year and drew a comparison with the earnings made during the previous year, i.e. the year ended June 30th 2017.
As per the financial statement issued to the PSX, the company’s revenue for the year increased marginally by a mere 0.5% on a year-on-year (YoY) basis.
However, Rs.199 million increase in cost of production and Rs.102.5 million increase in transmission costs weighed down gross profits by 12.6%.
The company found momentary relief from 82% lower non-core expenses and 54% higher non-core income.
Unfortunately, since finance cost leapt up by 55% and the company spent Rs.51.6 million higher on tax provisions, the overall profits dipped by Rs.179 million, YoY.
Hum Network further recorded a 17.6% drop in basic and diluted earnings per shares, from Rs.1.08 per share to Rs.0.89 per share. YoY
| Consolidated Financial Results for the Year ended June 30th 2018 (Rupees) | |||
|
| Jun-18 | Jun-17 | %Change |
| Revenue | 5,130,531,624 | 5,105,347,388 | 0.49% |
| Cost of production | (2,926,641,646) | (2,727,564,846) | 7.30% |
| Transmission cost | (292,053,874) | (189,595,076) | 54.04% |
| Gross profit | 1,911,836,104 | 2,188,187,466 | -12.63% |
| Distribution cost | (392,017,378) | (359,288,210) | 9.11% |
| Administrative expenses | (660,219,368) | (666,597,956) | -0.96% |
| Other expenses | (29,562,693) | (169,811,134) | -82.59% |
| Other income | 133,520,983 | 86,742,907 | 53.93% |
| Operating profit | 963,557,648 | 1,079,233,073 | -10.72% |
| Finance cost | (33,509,580) | (21,636,712) | 54.87% |
| Profit before taxation | 930,048,068 | 1,057,596,361 | -12.06% |
| Taxation | (86,046,557) | (34,482,900) | 149.53% |
| Profit after taxation | 844,001,511 | 1,023,113,461 | -17.51% |
| Earnings per share - basic and diluted | 0.89 | 1.08 | -17.59% |
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