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Pakistan Stock Exchange posts 10pc decline in profit for July-March of Fiscal Year 2019
A sign of the Pakistan Stock Exchange is seen on its building in Karachi, Pakistan January 11, 2016. REUTERS/Akhtar Soomro/File Photo

Pakistan Stock Exchange posts 10pc decline in profit for July-March of Fiscal Year 2019

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 July-March FY19 compared to Rs0.08 in the corresponding period of previous year. PSX’s share price inched up Rs0.01, or 0.06 percent, 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 July-March 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 percent (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.