In a Board of Director meeting held on August 28th 2018, IGI holdings reviewed its financial earnings for the half year ended June 30th 2018 and reported 66% drop in bottom-line profits.
During the meeting, the board also compared these results to the earnings made during the half year ended on June 30th 2017.
As per the earnings’ report, IGI Holdings’ operating profits suffered a drop of 68% as operating expenses grew by almost 19%.
On top of this, other income dropped by around 50% whereas share of profit from associates reduced by more than half.
The company reported overall profits for the period at Rs.567.5 million, down from Rs.1.7 billion on year-on-year basis.
Apart from this, IGI Holdings reported its earnings per share at Rs.4.59 per share, down from Rs.16.69 per share.
|
Profit and Loss account for the half year ended June 30th 2018 ('000 Rupees) |
|||
|---|---|---|---|
|
|
Jun-18 |
Jun-17 |
% Change |
|
Operating revenue |
4,741,971 |
5,205,545 |
-8.91% |
|
Operating expenses |
(4,208,462) |
(3,467,482) |
21.37% |
|
Other income |
181,977 |
360,798 |
-49.56% |
|
General and administrative expenses |
(157,714) |
(228,627) |
-31.02% |
|
Financial charges |
(112,892) |
(80,635) |
40.00% |
|
Unrealized gain/(loss) on available for sale investments |
(186,259) |
(142,475) |
30.73% |
|
Change in policyholders' liability |
325,726 |
(497,414) |
|
|
(Surplus)/deficit taken to statutory fund |
(2,511) |
(13,469) |
-81.36% |
|
Provision for impairment in value of investments – net |
– |
(34,303) |
|
|
Reversal of provision for bad and doubtful loans and advances/lease losses – specific – net |
9,567 |
7,448 |
28.45% |
|
Profit from window takaful operations |
7,138 |
– |
|
|
Share of profit from associates |
348,966 |
848,012 |
-58.85% |
|
Profit before taxation |
947,507 |
1,957,398 |
-51.59% |
|
Taxation |
(379,990) |
(278,022) |
36.68% |
|
Profit after taxation |
567,517 |
1,679,376 |
-66.21% |
|
Basic and diluted earnings per share (Rupees) |
4.59 |
13.69 |
-66.47% |
22799
