PSX reports 10% decline in profit for Jul-Mar FY19

Decrease comes on the back of drop in revenue, mainly due to dip in service charges

KARACHI: Pakistan Stock Exchange’s (PSX) profit decreased 10% to Rs59.2 million in nine months ended March 31, 2019, mainly due to a drop in revenue, according to a bourse filing on Monday.

The trading company had registered a profit of Rs65.6 million in the same period of previous year, the company stated in a notification sent to the bourse.

The lower profit translated into earnings per share of Rs0.07 in Jul-Mar FY19 compared to Rs0.08 in the corresponding period of previous year. PSX’s share price inched up Rs0.01, or 0.06%, and closed at Rs15.63 with trading in 75,500 shares at the trading platform. Its revenues decreased slightly by 2% to Rs673.8 million, mainly due to a dip in service charges it received during the period.



However, the revenue collection under the category of listing fee, income from exchange operations, mark-up/interest income and rental income from investment property remained comparatively higher. The share of profit from associates decreased to Rs266.3 million in Jul-Mar FY19 compared to Rs277 million in the corresponding period of last year. On the flip side, the other income increased 2.6-fold to Rs9.7 million compared to Rs3.7 million last year.

Moreover, the effective tax rate on profit dropped significantly by 39.2 percentage points to 6.8% (or Rs4.3 million) compared to 46% (or Rs56 million) in the same period of last year. In the quarter ended March 2019, the trading company reported a profit of Rs7.3 million (earnings per share Rs0.01) compared to a loss of Rs5.6 million (loss per share Rs0.01) in the same quarter of last year.

Published in The Express Tribune, April 23^rd, 2019.

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