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PSEL incurs losses of Rs 385mln for 1HFY19

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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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Posted on: 2019-02-26T10:47:00+05:00

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