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
