JS Investments Limited (JSIL)’s semiannual profits reduced by half, as they dropped to Rs.15.4 million during the half year ended on June 30th 2018, from Rs.31.3 million during the half year period ended on June 30th 2017.
The financial earnings report was finalized in the company’s Board of Directors meeting held on August 17, 2018.
JSIL's gross remuneration from funds under management reduced by 8.6% while Commission from open end funds under management dropped by 50%.
Total net gain on sales of investments witnessed huge increments, but administrative and marketing expenses, that carried a much heavier weightage increased by 27%, leading to an operating loss of Rs.3.9 million
The company also paid much higher financial charges than previous year, whereas other income increased by only 4%.
Apart from this, the company’s Earnings per share has reduced to Rs.0.19 per share from Rs.0.39 per share during the six month period ended in June 2017.
|
Consolidated Profit and Loss Account for the half year ended June 30th 2018 (Rupees) |
|||
|
|
Jun-18 |
Jun-17 |
% Change |
|
Income |
|
|
|
|
Remuneration from funds under management – gross |
107,371,754 |
117,532,403 |
-8.64% |
|
Sindh sales tax |
(12,652,503) |
(13,521,427) |
-6.43% |
|
Commission from open end funds under management |
3,185,312 |
6,388,547 |
-50.14% |
|
Dividend income |
632,357 |
40,746,025 |
-98.45% |
|
Net gain on sale of investments classified 'at fair value through profit or loss' – held for trading – conventional |
2,042,009 |
1,081,450 |
88.82% |
|
Net gain on sale of investments classified as 'available-for-sale' – conventional |
76,983,138 |
36,645,968 |
110.07% |
|
Return on bank deposits under interest / mark-up arrangements |
926,651 |
680,673 |
36.14% |
|
Remuneration and share of profit from management of discretionary and non-discretionary client portfolios |
1,895,400 |
3,264,753 |
-41.94% |
|
Administrative and marketing expenses |
184,583,577 |
144,680,356 |
27.58% |
|
Operating profit |
(3,899,459) |
48,238,036 |
|
|
Other expenses |
318,688 |
1,370,583 |
-76.75% |
|
Financial charges |
1,401,196 |
88,295 |
1486.95% |
|
Other income |
21,235,085 |
20,379,425 |
4.20% |
|
Profit before tax |
15,615,742 |
67,158,583 |
-76.75% |
|
Income tax expense |
247,718 |
35,862,188 |
-99.31% |
|
Profit for the period |
15,368,024 |
31,296,395 |
-50.90% |
|
Earnings per share – Basic and Diluted |
0.19 |
0.39 |
-51.28% |
22680
