Pakgen witnesses 2.7% drop in half yearly profits

Pakgen Power Limited (PKGP)’s half yearly profits dipped by 2.7% during the six month period ended in June 30th 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 30th 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%

 

Posted on: 2018-08-20T14:14:00+05:00

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