Increased cost pulls down WordCall Telecom's semi-annual profits by 90%
MG News | September 03, 2018 at 09:47 AM GMT+05:00
WorldCall Telecom Limited reported a 90.7% drop in annual profits for the half year ended June 30th 2018, mainly due to higher direct cost and a 91% drop in other income.
The company conducted its Board of Directors meeting on August 31st 2018, to discuss the financial earnings for the half year ended on June 30th 2018.
The company further compared these results to the earnings made during the half year ended on June 30 2017.
On year-on-year basis, WordCall’s direct cost increased by 44%, while other income dropped from Rs.8 billion to Rs.694.8 million.
This led to an 83% drop in profit before interest, taxation, depreciation and amortization.
The company’s overall half yearly profit for the period dropped from Rs.6.8 billion to Rs.639.8 million.
Apart from this, the company’s basic and diluted earnings per share dropped considerably from Rs.15.7 per share to Rs.0.18 per share.
| Financial Results for the Half Year Ended June 30th 2018 ('000 Rupees) | |||
|---|---|---|---|
|
| Jun-18 | Jun-17 | % Change |
| Revenue - net | 2,290,709 | 1,090,914 | 109.98% |
| Direct cost (excluding Depreciation and Amortization) | (1,313,780) | (912,311) | 44.01% |
| Operating cost | (379,675) | (300,006) | 26.56% |
| Other income/(expense) - net | 694,836 | 8,098,250 | -91.42% |
| Profit/(Loss) before interest, Taxation, Depreciation and Amortization | 1,292,090 | 7,976,847 | -83.80% |
| Depreciation and amortization | (519,726) | (539,193) | -3.61% |
| Finance costs | (114,825) | (244,366) | -53.01% |
| Profit/(loss) before Taxation | 657,539 | 7,193,288 | -90.86% |
| Taxation | (17,709) | (319,445) | -94.46% |
| Net profit/(loss) for the period | 639,830 | 6,873,843 | -90.69% |
| Basic and diluted profit/(loss) per share (Rupees) | 0.18 | 15.70 | -98.85% |
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