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MPS Preview: High for Longer

PSX posts 27% decline in half yearly earnings

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February 20, 2019 (MLN): The Pakistan Stock Exchange (PSX) has recorded a 27% decline in net profits for the period ended December 2018, realizing gains at Rs.51.9 million and EPS at Rs.0.06.

According to the Exchange’s financial statement, the listings have reduced over the year marking a 7.5% decline in the listing fee, in addition to zero service charges earned during the period. These factors led to an overall decline of Rs.27.6 million in overall revenue.

Moreover, Operating costs grew by Rs.17 million resulting in an operating loss worth Rs.129.8 million. However, after accounting for share of profits from associates, the pre-tax profits logged in at Rs.56.6 million during the period.

Profit and Loss Account for the half year ended Dec 31 2018 ('000 Rupees)

 

Dec-18

Dec-17

% Change

Revenue

 

 

 

Listing fee

                                  169,873

                                  183,714

-7.53%

Income from exchange operations

                                  186,269

                                  164,925

12.94%

Service charges

                                              –  

                                    28,238

 

Mark-up/interest income

                                    62,824

                                    67,607

-7.07%

Rental income from investment property

                                    29,573

                                    31,641

-6.54%

 

                                  448,539

                                  476,125

-5.79%

Operating cost

 

 

 

Administrative expenses

                                (578,289)

                                (560,945)

3.09%

Financial and other charges

                                          (32)

                                        (167)

-80.84%

 

                                (578,321)

                                (561,112)

3.07%

Operating loss

                                (129,782)

                                  (84,987)

52.71%

Other income

                                       7,364

                                       3,135

134.90%

Share of profit from associates

                                  179,009

                                  198,272

-9.72%

Net profit before taxation

                                    56,591

                                  116,420

-51.39%

Taxation

                                    (4,703)

                                  (45,210)

-89.60%

Net profit after taxation

                                    51,888

                                    71,210

-27.13%

Basic and diluted earnings per share (Rupees)

                                         0.06

                                         0.09

-33.33%

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Posted on: 2019-02-20T15:44:00+05:00

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