PSX’s profit falls 55pc in July-March

KARACHI: Pakistan Stock Exchange (PSX) on Wednesday said its net profit for the July-March period of the current fiscal year fell 55 percent mainly due to the non-collection of management fees.

The PSX in a bourse filing said it posted a net profit of Rs65.573 million for the period compared to Rs146.649 recorded in the same period of the preceding year. The company did not announce any dividend. An analyst said the company’s profit was down because of Securities and Exchange Commission of Pakistan stopped the apex bourse from collecting management fees.

“During the period under review the receivables under management fees were zero compared to Rs84.691 million collected in the same period last year,” the analyst added. The PSX also reported its net revenue for the period fell 13 percent to Rs681 million as against Rs786 billion a year ago.

The company reported earnings per share Rs 0.08/share compared to Rs0.18 in the same period of the last fiscal.

Analysts expect the PSX’s earnings to increase if it sees new listings in the coming months and also listing of new products like bonds.