Pakgen witnesses 2.7% drop in half yearly profits

MG News | August 20, 2018 at 02:14 PM GMT+05:00

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Pakgen Power Limited (PKGP)’s half yearly profits dipped by 2.7% during the six month period ended in June 30^th 2018, mainly due to higher cost of sales and finance cost.

The company’s conducted their Board of Directors meeting on August 20, 2018 to discuss the earnings and compare them with the earnings during the half year period ended on June 30^th 2017.

The company’s Revenue increased by almost 13% during the period under review. However, Cost of sales grew by a greater margin, thus reducing the Gross profits slightly by 0.67%.

But a greater impact was caused by a 14% increase in finance cost which resulted in the reduction of total profits for the period, from Rs.645.4 million to Rs.627.7 million.

Other than this, the company further declared Earnings per share at Rs.1.69 per share from Rs.1.73 per share.

Profit and Loss Account for the half year ended June 30th 2018 (Rupees in '000)
	Jun-18	Jun-17	% Change
REVENUE	9,191,417	10,510,277	-12.55%
COST OF SALES	(8,122,154)	(9,433,761)	-13.90%
GROSS PROFIT	1,069,263	1,076,516	-0.67%
ADMINISTRATIVE EXPENSES	(84,253)	(97,268)	-13.38%
OTHER EXPENSES	(1,657)	(11,649)	-85.78%
OTHER INCOME	18,663	5,255	255.15%
PROFIT FROM OPERATIONS	1,002,016	972,854	3.00%
FINANCE COST	(374,304)	(327,469)	14.30%
PROFIT BEFORE TAXATION	627,712	645,385	-2.74%
TAXATION	-	-
PROFIT AFTER TAXATION	627,712	645,385	-2.74%
EARNINGS PER SHARE - BASIC AND DILUTED (RUPEES)	1.69	1.73	-2.31%

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