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