PICT profits drop by 28% by cause of abated top-line earning

October 16, 2018 (MLN): Pakistan International Container Terminal Limited witnessed a drop in their profits by 28% owing to decreased top-line earnings and increased expenses for the nine months ended September 2018 as compared to the corresponding period last year.

According to the report on financial earnings issued to the PSX, the plunge came as a result of a fall in sales revenue by almost Rs. 1 billion i.e. 14% less as compared to last year.

Moreover, the decrease in cost of services by Rs. 238 million failed to drive the gross profits up, letting it nose-dive by 23%.

Even though some of the major expenses including other expenses (-90%) and Finance cost (-94%) exhibited a collective decline of 50 million, the decrease in other income by almost Rs. 34 million fairly annulled the effect of decrease in expenses on the profits.

Likewise, the decrease in taxes by Rs. 214 million i.e. 20%, failed to pull up the profits of the company.

The Earnings per ordinary share decreased by almost 28% as compared to the corresponding period last year.

 The Company announced an interim cash dividend of Rs. 6 per share i.e. 60%, for the quarter ended 30th September 2018. This is in addition to Interim Dividend already paid at Rs. 7.5 per share i.e. 75%.

Financial Results For The Nine Months Ended September 30th 2018 (Rupees in '000)

 

Sep-18

Sep-17

% Change

Revenue — net

6,101,011

7,121,000

-14%

Cost of services

-3,425,891

-3,663,973

-6%

Gross profit

2,675,120

3,457,027

-23%

Administrative expenses

-336,803

-302,554

11%

Other expenses

-4,553

-46,849

-90%

Finance cost

-496

-8,271

-94%

Other Income

23,280

57,472

-59%

Profit before taxation

2,356,548

3,156,825

-25%

Taxation

-849,285

-1,063,803

-20%

Profit after taxation

1,507,263

2,093,022

-28%

Earnings per ordinary share -basic and diluted

13.81

19.18

-28%

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Posted on: 2018-10-16T10:43:00+05:00

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