PSX's annual bottom-line profits plunge by 77%

By MG News | September 18, 2018 at 02:28 PM GMT+05:00

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September 18, 2018 (MLN): Pakistan Stock Exchange Limited (PSX)’s annual profits for the year ended June 30^th 2018 suffered a mighty blow as they dropped by 77%, from Rs.277.3 million during the prior year to Rs.64.2 million.

The exchange’s Board of Directors meeting took place earlier today, where the financial earnings for the period were assessed and laid next to the previous year’s earnings.

As per the report issued, PSX’s revenue collection during the year dropped by 16% while operating costs increased by 0.4% resulting in 287% increase in operating losses, YoY.

Furthermore, share of profit from associates fell by 13% and taxation increased as well.

Consequentially, the company’s net profit after taxation dropped by 76.84% on a year-on-year basis.

Apart from this, earnings per share dropped from Rs.0.35 per share to Rs.0.08 per share, YoY, while an interim cash dividend at Rs.0.05 per share, i.e. 0.5%, was recommended and paid.

Profit and Loss Account for the Year Ended June 30th 2018 ('000 Rupees)
	Jun-18	Jun-17	% Change
Revenue
Listing fee	336,029	245,674	36.78%
Income from exchange operations	332,490	452,926	-26.59%
Service charges	44,885	62,948	-28.70%
Management fee	-	113,600
Mark-up/interest income	116,696	127,443	-8.43%
Rental income from investment property	60,954	61,263	-0.50%
	891,054	1,063,854	-16.24%
Operating cost
Administrative expenses	(1,117,863)	(1,122,079)	-0.38%
Financial and other charges	(344)	(444)	-22.52%
	(1,118,207)	(1,122,523)	-0.38%
Operating loss	(227,153)	(58,669)	287.18%
Other income	5,172	21,420	-75.85%
Provision for impairment against transfer of sub-lease of properties	-	(35,431)
Share of profit from associates	339,603	391,552	-13.27%
Net profit before taxation	117,622	318,872	-63.11%
Taxation	(53,393)	(41,578)	28.42%
Net profit after taxation	64,229	277,294	-76.84%
Basic and diluted earnings per share (Rupees)	0.08	0.35	-77.14%

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