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

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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Posted on: 2018-09-18T14:28:00+05:00

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