Shifa International Hospitals suffer 7% decline in annual profits

MG News | September 10, 2018 at 09:56 AM GMT+05:00

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September 10, 2018 (MLN): Shifa International Hospital’s annual profits suffered a decline of almost 7% during the year ended on June 30^th 2018, owing to increased operating costs.

The Company’s Board of Directors meeting was conducted on September 8^th 2018, in which the Board reviewed the financial earnings for the period and drew a year-on-year comparison.

As per the report issued to PSX, Shifa International hospitals generated a net revenue 11% higher than the year before.

However, operating costs grew by 12% from Rs.8.5 billion to Rs.9.5 billion leading to a drop of 10% in pre-tax profits.

Since provision for taxation reduced by 17%, overall profit for the period dropped from Rs.604.8 million to Rs.562.9 million, YoY.

The company also announced a 6.94% drop in earnings per share which are reported at Rs.10.32 per share.

Apart from this, the board recommended a final cash dividend at Rs.4.50 per share and decided to establish three subsidiary companies namely Shifa National Hospital Faisalabad (Pvt.) Limited, Shifa Medical Centre Islamabad (Pvt.) Limited and Shifa Neuro Sciences Institute Islamabad (Pvt.) Limited.

Financial Results for the year Ended June 30th 2018 ('000 Rupees)
	Jun-18	Jun-17	% Change
Net revenue	10,285,049	9,262,363	11.04%
Other income	63,084	135,851	-53.56%
Operating costs	(9,514,987)	(8,468,607)	12.36%
Finance costs	(57,311)	(66,390)	-13.68%
Profit before taxation	775,835	863,217	-10.12%
Provision for taxation	(212,912)	(258,402)	-17.60%
Profit after taxation	562,923	604,815	-6.93%
Earnings per share - basic and diluted (Rupees)	10.32	11.09	-6.94%

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