September 18, 2018 (MLN): Pakistan Stock Exchange Limited (PSX)’s annual profits for the year ended June 30th 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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