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PSO reports a 15% drop in Yearly profits

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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%

 

 

 

Posted on: 2018-08-13T11:12:00+05:00

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