Service Industries Ltd. profits fall 28 percent to Rs. 896.815 million

MG News | March 29, 2018 at 03:53 PM GMT+05:00

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Service Industries Limited today released financial results for the year ended December, 31^st 2017 reporting an increase of 10.08 percent clocking in at 20.898 billion.

Company’s distribution costs and administrative expenses went up by 33.56 percent and 10.25 percent respectively cumulatively taking away more than Rs. 2.384 billion from the bottom-line profits.

SRVI profit before other income went down by 36.13 percent clocking in at 1.025 billion against 1.706 billion last year, company’s finance costs on the other hand went up by 44 percent during the period under review.

Service Industries reported profit after taxation worth Rs. 896.815 million falling 27.99 percent below 2016’s tally of Rs. 1.245 billion reporting earnings per share of Rs. 74.56 against 103.54 in 2016.

The Board at Services Industries approved a final cash dividend of Rs. 22 per share at the rate of 220 percent.

Comparison of Key Financials
Unconsolidated Profit and Loss Account - For the Year Ended, December 30^th 2017
Key Financials	2017	2016	% Change
	Amounts in PKR ‘000
Net Sales	20,898,174	18,984,428	10.08%
Cost of Sales	17,335,541	15,208,729	13.98%
Gross Profit	3,562,633	3,775,699	-5.64%
Operating Expenses
Distribution costs	1,300,341	973,590	33.56%
Administrative Expenses	1,084,215	983,413	10.25%
Other Operating Expenses	152,290	212,552	-28.35%
Operating Profit before other income	1,025,787	1,606,144	-36.13%
Other Income	357,867	99,996	257.88%
Operating Profit	1,383,654	1,706,140	-18.90%
Finance Costs	341,885	236,845	44.35%
Profit before Taxation	1,041,769	1,469,295	-29.10%
Taxation	144,954	223,808	-35.23%
Profit after Taxation	896,815	1,245,487	-27.99%
EPS - Basic and diluted	74.56	103.54	-27.99%

Company release on Earnings Report can be accessed here.

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