Pak Elektron observes 55% drop in half yearly profits
MG News | August 16, 2018 at 02:36 PM GMT+05:00
Pak Elektron’s semiannual profits dropped by 55.5% during the half year period, ended June 30th 2018, primarily due to lower net revenue increased finance costs.
Although other operating expenses reduced significantly by 60%, the company bore higher administrative costs and an even higher finance cost, which increased by 42%.
The company reported overall profit for the period to be Rs.1.2 billion as compared to the profits worth Rs.2.7 billion last year.
Other than that, PEL’s Earnings per share have dropped to Rs.2.40 per share from Rs.5.44 per share.
| Financial Results for the Half year Ended June 30th 2018 ('000 Rupees) | |||
|
| Jun-18 | Jun-17 | % Change |
| REVENUE | 22,504,230 | 25,835,287 | -12.89% |
| SALES TAX AND DISCOUNTS | (5,804,431) | (6,472,937) | -10.33% |
| REVENUE - NET | 16,699,799 | 19,362,350 | -13.75% |
| COST OF SALES | (12,453,434) | (13,451,898) | -7.42% |
| GROSS PROFIT | 4,246,365 | 5,910,452 | -28.15% |
| DISTRIBUTION COST | (1,144,369) | (1,264,317) | -9.49% |
| ADMINISTRATIVE EXPENSES | (627,977) | (546,044) | 15.00% |
| OTHER OPERATING EXPENSES | (55,699) | (141,121) | -60.53% |
| OTHER OPERATING INCOME | 9,057 | 14,852 | -39.02% |
| OPERATING PROFIT | 2,427,377 | 3,973,822 | -38.92% |
| FINANCE COST | (1,031,374) | (724,455) | 42.37% |
| SHARE OF PROFIT/(LOSS) OF ASSOCIATE | (1,741) | 462 |
|
| PROFIT BEFORE TAXATION | 1,394,262 | 3,249,829 | -57.10% |
| PROVISION FOR TAXATION | (178,952) | (519,003) | -65.52% |
| PROFIT AFTER TAXATION | 1,215,310 | 2,730,826 | -55.50% |
| EARNINGS PER SHARE | 2.40 | 5.44 | -55.88% |
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