PSO reports a 15% drop in Yearly profits

MG News | August 13, 2018 at 11:12 AM GMT+05:00

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PSO conducted their annual Board of Directors meeting on Saturday August 11th 2018, to discuss the financial earnings for the year ended June 30th 2018.

The report issued to PSX on August 13th 2018 revealed that as compared to the year ended June 30th 2017, the company's Gross Sales increased by 19%, while their Net Sales increased by 20%.

Their Cost of Products Sold increased by 20% as well, thereby the Gross profits increased by a lower margin of around 7%.

Furthermore, Other Income and Share of profit of associates decreased by 32% each, leading to an overall drop of 15% in yearly profits.

Other than that, PSO also reported Earnings per Share of Rs.47.42 per share from Rs.55.90, during the same period last year.

Financial Results for the Year Ended June 30th 2018 ('000 Rupees)
	Jun-18	Jun-17	% Change
Gross sales	1,305,246,079	1,096,543,891	19.03%
Sales tax, Discounts and IFEM	(248,345,516)	(218,397,105)	13.71%
Net Sales	1,056,900,563	878,146,786	20.36%
Cost of products sold	(1,017,264,455)	(841,011,250)	20.96%
Gross Profit	39,636,108	37,135,536	6.73%
Other income	7,497,201	11,142,248	-32.71%
Operating cost	(15,263,097)	(13,616,041)	12.10%
Profit from operations	31,870,212	34,661,743	-8.05%
Finance costs	(5,123,344)	(5,923,256)	-13.50%
Share of profit of associates - net of tax	413,612	608,380	-32.01%
Profit before taxation	27,160,480	29,346,867	-7.45%
Taxation	(11,699,223)	(11,121,242)	5.20%
Profit after taxation	15,461,257	18,225,625	-15.17%
Earnings per share - basic and diluted (Rupees)	47.42	55.90	-15.17%

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