PICT observes 23.72% drop in half yearly profits
MG News | August 17, 2018 at 12:49 PM GMT+05:00
Pakistan International Container Terminal Limited (PICT)’ profit for the half year ended June 30th 2018 dropped by 23% due to lower net revenue and gross profits.
The financial earnings for the period were finalized by the company in a Board of Directors meeting held on August 17th 2018.
PICT reported semiannual profits of Rs.1 billion, down from Rs.1.4 billion during the previous year.
The company’s administrative expenses grew by 17% during the period under review, while earnings from other income dropped majorly by 93%.
In addition to this, PICT also reported 23% dip Earnings per share which is at Rs.9.83 per share, down from Rs.12.89 per share during the half year ended June 30h 2017.
| Profit and Loss Account for the Half Year Ended June 30th 2018 ('000 Rupees) | |||
|
| Jun-18 | Jun-17 | % Change |
| Revenue - net | 4,223,319 | 4,899,879 | -13.81% |
| Cost of services | (2,323,896) | (2,497,972) | -6.97% |
| Gross profit | 1,899,423 | 2,401,907 | -20.92% |
| Administrative expenses | (227,490) | (194,454) | 16.99% |
| Other income | (3,287) | (48,039) | -93.16% |
| Finance cost | (410) | (8,236) | -95.02% |
| Other expenses | 17,312 | 32,648 | -46.97% |
| Profit before taxation | 1,685,548 | 2,183,826 | -22.82% |
| Taxation | (612,691) | (777,269) | -21.17% |
| Profit after taxation | 1,072,857 | 1,406,557 | -23.72% |
| Earnings per ordinary share - basic and diluted (Rupees) | 9.83 | 12.89 | -23.74% |
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