PSEL incurs losses of Rs 385mln for 1HFY19

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

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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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