Pakistan Services Ltd incur losses of Rs332 mln for 1QFY19

MG News | October 26, 2018 at 10:38 AM GMT+05:00

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October 26, 2018 (MLN): Pakistan Services Limited (PSEL) have stated losses of Rs. 332 million for the quarter ended 30^th September 2018. The sharp losses was clearly attributed to the company’s failure to increase its top-line earnings and control its cost of sales.

According to the notification issued to PSX, the company’s top-line earnings reported a decline of 8.22%, whereas the cost of sales increased by 11.9%, the duo impact of which led to the gross profits decreasing by 31.27%.

Despite the presence of positive indicators including the non-core income increasing by a sharp margin of 147.38% and net finance cost decreasing by 1.22%, their impact was, nevertheless, overshadowed by increased Administrative expenses by 7.33% and decreased Share of profits in equity by 80.85%.

To worsen things up, the income tax expenses reported an increase of 33.94%, ultimately leading to the conversion of company’s profits for the quarter ended last year, into losses for the quarter ended this year.

Profit and loss account for the quarter ended September 30th 2018 (Rupees’000)
	Sep-18	Sep-17	% Change
Revenue - net	2,318,334	2,526,005	-8.22%
Cost of sales and services	-1,509,038	-1,348,564	11.90%
Gross profit	809,296	1,177,441	-31.27%
Other income	69,312	28,018	147.38%
Administrative expenses	-736,495	-686,180	7.33%
Net finance cost	-351,624	-355,984	-1.22%
Share of profit in equity accounted investments	3,738	19,521	-80.85%
(Loss) / Profit before taxation	-205,773	182,816
Income tax expense	-126,361	-94,345	33.94%
(Loss) / Profit for the period	-332,134	88,471

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