PSEL incurs losses of Rs 385mln for 1HFY19
MG News | February 26, 2019 at 10:47 AM GMT+05:00
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 |
|
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