Pakistan Services Ltd’s losses expand by merely 3.2%
MG News | October 28, 2019 at 04:35 PM GMT+05:00
October 28, 2019 (MLN): Pakistan Services Limited has incurred losses of Rs. 342 million for the quarter ended September 30, 2019, i.e. 3.22% greater than the losses reported in same period of last year.
According to the company’s official announcement, the net revenue increased by merely 2.45 whereas the cost of sales surged by 1.3%. This resulted in around 4.5% increase in gross profits.
The jeer-worthy performance of the company can be attributed to presence of impairment losses on trade debts, amounting to Rs. 7.2 million.
The increase in fiancé costs by 82% also played a substantial role in expanding the overall losses.
| Consolidated Financial Results for the quarter ended September 30, 2019 ('000 Rupees) | |||
|---|---|---|---|
| Sep-19 | Sep-18 | % Change | |
| Revenue - net | 2,375,049 | 2,318,334 | 2.45% |
| Cost of sales and services | (1,528,589) | (1,509,038) | 1.30% |
| Gross profit | 846,460 | 809,296 | 4.59% |
| Other income | 52,433 | 69,312 | -24.35% |
| Administrative expenses | (817,426) | (736,516) | 10.99% |
| Impairment loss on trade debts | (7,222) | 21 | |
| Operating profit | 74,245 | 142,113 | -47.76% |
| Finance income | 64,645 | (125,376) | |
| Unrealized gain / (loss) on re-measurement of investment to fair value | (892) | (345) | 158.55% |
| Finance cost | (411,800) | (225,903) | 82.29% |
| Net finance cost | (348,047) | (351,624) | -1.02% |
| Share of profit in equity accounted investments - net | 13,944 | 3,738 | 273.03% |
| Loss before taxation | (259,858) | (205,773) | 26.28% |
| Income tax expense | (82,978) | (126,361) | -34.33% |
| Loss for the period | (342,836) | (332,134) | 3.22% |
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