PEL profits decline 6.3pc to Rs1.62b

Karachi: In a notification sent to the bourse on Thursday, Pak-Elektron Limited (PEL) one of the country’s biggest electronic appliance manufacturer announced its earnings for the quarter ended April-June 2017.

The company posted a profit of Rs1.62b, down 6.3pc compared to profits of Rs1.73 in same period last year (SPLY).

According to a Topline Security analysis, Pak-Electron recorded a healthy performance in the first half of the year (Jan-June) of 2017, as its earnings registered an increase of 21pc Year on Year (YoY) which was propelled by a rise of 29pc in gross sales.

Net revenue was said to have grown a meagre 2pc and gross revenues went up by 14pc in April-June quarter as compared to SPLY. Topline Security report also said that that the decline was largely due to discounts offered on appliances, majorly on refrigerators which impacted its margins.

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Its earnings per share came down to Rs3.24 in comparison to Rs3.46 in SPLY.

Pak-Electron announced an interim cash dividend of Rs1.50 per share for April-June 2017 quarter. Its shares on Thursday were down 3.91pc from its closing price on Tuesday, ending up on Rs94.59.

KSE-100 index was down 364 points at close on Thursday, closing at 45,634 points.

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