ABOT’s net profits trip by a quarter on account of higher expenses
MG News | October 19, 2018 at 03:13 PM GMT+05:00
October 19, 2018 (MLN): Abott Laboratories Pakistan Limited (ABOT)’s net profit for the nine month period ended on September 30, 2018 has gone down by a quarter, on account of enhanced cost of sales and selling and distribution expenses.
As compared to earnings made during the period ended September 2017, ABOT’s net sales gained pace by a decent margin of 15.7%.
However, heightened cost of sales dragged the growth of gross profits lower as they showed a mere increment of 1% over the year.
In addition to this, the company’s expenses grew by Rs.736.4 million.
The combined impact of these negative changes weighed down on overall profit growth which slipped from Rs.2.8 billion to Rs.2 billion.
ABOT’s basic and diluted earnings per share have exhibited a decline of Rs.7.34 per share as they are recorded at Rs.21.15 per share for the period under review.
| Financial Results for the nine months ended September 30, 2018 ('000 Rupees) | |||
|---|---|---|---|
|
| Sep-18 | Sep-17 | % Change |
| Net sales | 21,594,368 | 18,659,388 | 15.73% |
| Cost of sales | 14,297,323 | 11,473,007 | 24.62% |
| Gross profit | 7,297,045 | 7,186,381 | 1.54% |
| Selling and distribution expenses | 3,505,686 | 2,769,296 | 26.59% |
| Administrative expenses | 392,283 | 317,440 | 23.58% |
| Other income | 329,108 | 331,424 | -0.70% |
| Other charges | 480,081 | 433,245 | 10.81% |
| Finance costs | 9,602 | 8,306 | 15.60% |
| Profit before taxation | 3,238,501 | 3,989,518 | -18.82% |
| Taxation | 1,167,626 | 1,200,756 | -2.76% |
| Net profit for the period | 2,070,875 | 2,788,762 | -25.74% |
| Basic and diluted earnings per share (Rupees) | 21.15 | 28.49 | -25.76% |
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