April 24, 2019 (MLN): EFG HERMES (EFGH) has incurred a loss worth Rs.14.4 million (LPS: Rs.0.72) during quarter ended March 31, 2019 which is 2x greater than the loss reported for the corresponding quarter last year.
The increase in loss is attributable to lower operating revenues, loss in other operations and higher financial charges.
During 1QCY19, EFGH's operating revenues dropped by over 19%, while financial charges increased by 58%.
However, the decline in tax payments by 52% and gains on re-measurement of investment by around 826% provided a cushion to the earnings.
Profit and Loss Account for the quarter Ended March 31st 2019 (Rupees) |
|||
---|---|---|---|
|
Mar-19 |
Mar-18 |
% Change |
OPERATING REVENUES |
|
|
|
Operating revenues |
26,488,808 |
35,574,958 |
-25.54% |
Gain on sale on investments – net |
4,583,450 |
2,911,826 |
57.41% |
|
31,072,258 |
38,486,784 |
-19.27% |
EXPENDITURES |
|
|
|
Administrative expenses |
(41,357,247) |
(37,850,965) |
9.26% |
Operating Profit/(loss) |
(10,284,989) |
635,819 |
|
Other income – net |
2,859,318 |
546,221 |
423.47% |
Income of margin finance |
1,370,651 |
3,557,450 |
-61.47% |
Financial charges |
(9,862,638) |
(6,236,580) |
58.14% |
Gain/(loss) on re-measurement of investments carried at fair value through profit and loss account |
3,918,020 |
423,225 |
825.75% |
|
(1,714,649) |
(1,709,684) |
0.29% |
PROFIT/(LOSS) BEFORE TAXATION |
(11,999,638) |
(1,073,865) |
1017.43% |
TAXATION |
(2,392,257) |
(5,073,912) |
-52.85% |
PROFIT/(LOSS) AFTER TAXATION |
(14,391,895) |
(6,147,777) |
134.10% |
Earnings per share (basic and diluted) |
(0.72 ) |
(0.31) |
132.26% |
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