PSEL incurs losses of Rs 385mln for 1HFY19

MG News | February 26, 2019 at 10:47 AM GMT+05:00

0:00

February 26, 2019 (MLN): Pakistan Services Limited has announced its financial earnings for the cumulative period ended on December 31, 2018, as per which the company has incurred losses of Rs. 53 million (EPS: 1.92) for 2QFY19 and Rs. 385 million for 1HFY19. The results follow a downward trajectory as the company earned profits in SPLY.

The reason behind this downward trend has been attributed to decline in the company’s topline earnings by 5%, as well as increase in the cost of sales by 7%.

This was followed by an 88% increase in finance costs and 50% increase in income tax expense, subsequently leading to transition of company’s profits into losses.

Profit and loss account for the six months ended December 31 2018 (Rupees'000)
	Dec-18	Dec-17	% Change
Revenue - net	5,104,153	5,381,905	-5.16%
Cost of sales and services	-3,007,549	-2,806,138	7.18%
Gross profit	2,096,604	2,575,767	-18.60%
Other income	125,026	53,263	134.73%
Administrative expenses	-1,577,853	-1,654,478	-4.63%
Operating profit	643,777	974,552	-33.94%
Finance income	-189,488	-203,924	-7.08%
Unrealised gain/ (loss) on remeasurement of investments to fair value - net	33	-1,663
Finance cost	-607,618	-323,458	87.85%
Net finance cost	-797,073	-529,045	50.66%
Share of gain in equity accounted investment-net	22,284	14,761	50.97%
(Loss) / profit before taxation	-131,012	460,268
Income tax expense	-254,284	-169,682	49.86%
(Loss) / profit for the period	-385,296	290,586

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	153,866.17 113.04M	-0.36% -555.27
ALLSHR	92,322.41 289.91M	-0.18% -165.37
KSE30	47,054.02 67.50M	-0.57% -268.71
KMI30	220,139.18 52.42M	-0.81% -1787.82
KMIALLSHR	59,630.44 114.87M	-0.43% -258.98
BKTi	44,089.65 23.49M	-0.09% -38.05
OGTi	31,668.31 6.28M	-0.15% -47.11

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	71,495.00	74,210.00 70,200.00	850.00 1.20%
BRENT CRUDE	103.89	103.95 97.60	3.43 3.41%
RICHARDS BAY COAL MONTHLY	99.40	0.00 0.00	-12.90 -11.49%
ROTTERDAM COAL MONTHLY	122.70	123.80 122.70	-1.10 -0.89%
USD RBD PALM OLEIN	1,083.50	1,083.50 1,083.50	0.00 0.00%
CRUDE OIL - WTI	99.31	99.32 92.04	3.58 3.74%
SUGAR #11 WORLD	14.41	14.53 14.30	0.03 0.21%