GLPL swings to loss in 9MFY26

April 28, 2026 (MLN): Gillette Pakistan Limited (PSX: GLPL) reported a severe financial downturn for the nine months ended March 31, 2026, swinging from a net profit of Rs30.10m in the previous year to a heavy net loss of Rs111.84m.

Reflecting this significant bottom-line collapse, the company's earnings per share (EPS) turned negative, recording a loss per share of Rs3.51 compared to an EPS of Rs0.94 in 9MFY25.

The primary driver of this profitability crash was a massive contraction in the company's top line. GLPL’s net revenue from contracts with customers plunged by 46% year-on-year, falling to Rs840.36m from Rs1.56bn.

The cost of goods sold declined at a slower pace of 36%, settling at Rs737.76m. Because the drop in sales volume severely outpaced the reduction in direct costs, the company’s gross profit was decimated, collapsing by 75% to just Rs102.60m compared to Rs405.38m in the prior year.

On the operational front, the company aggressively slashed its overheads in response to the shrinking revenue.

Selling, marketing, and distribution expenses were cut by 54% to Rs33.29m, and administrative expenses dropped by 44% to Rs51.52m. Other operating expenses also saw a steep 72% decline to Rs19.54m. However, secondary support also weakened, as other income fell by 62% to Rs18.09m.

Below the operating line, the financials were battered by a highly concerning new charge: a Rs69m "cumulative adjustment for non-going concern." This massive hit completely overshadowed the significant relief the company found in its debt servicing, where interest expenses plummeted by 81% to Rs27.55m.

Crushed under the weight of the collapsing gross margins and the severe non-going concern adjustment, GLPL recorded a loss before tax of Rs80.82m, entirely reversing the Rs75.90m pre-tax profit from the previous year. After accounting for an income tax expense of Rs31.02m, the company closed the nine-month period deep in the red with a final net loss of Rs111.84m.

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