ABOT’s net profits trip by a quarter on account of higher expenses

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By MG News | October 19, 2018 at 03:13 PM GMT+05:00

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 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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