Pakistan National Shipping Corporation (PNSC) today announced financial results for the nine months ending 31 March, 2018 reporting Revenue worth Rs. 3.419 billion. National Shipping Corporation Company’s gross profit during the outgoing nine months fell by 50 percent to reach 1.065 billion.
PNSC releases on the exchange show a very dismal performance during the last nine months bringing the profits down by 43 percent. Expenditure during the outgoing nine months, expenditure fell by 31 percent to clock in at 2.353 billion.
On the expenses front, the company reported a 21.5 percent decline in Administrative Expenses and other expenses declined by 37.18 percent.
PNSC Profit after taxation clocked in at 690.946 million down by 43.41 percent against last year’s 1.220 billion translating into an EPS of Rs. 5.23 vs. an EPS of Rs 9.25 during the nine months ending March, 2017.
Comparison of Key Financials
Unconsolidated Profit and Loss Account – For the Nine Months Ended, March 30th 2018
Key Financials
March, 2018
March, 2017
% Change
Amounts in PKR ‘000
Revenue
3,419,496
5,575,514
-38.67%
Expenditure
2,353,541
3,413,503
-31.05%
Gross Profit
1,065,955
2,162,011
-50.70%
Administrative Expenses
236,504
301,285
-21.50%
Other Expenses
487,104
775,405
-37.18%
Other Income
741,833
804,138
-7.75%
Operating Profit
1,084,180
1,889,459
-42.62%
Finance Costs
192,891
253,735
-23.98%
Profit before Taxation
891,289
1,635,724
-45.51%
Taxation
200,343
414,758
-51.70%
Profit after Taxation
690,946
1,220,966
-43.41%
EPS
5.23
9.25
-43.46%
Company release on Earnings Report can be accessed here.
