Earning Review: Philip Morris Pakistan incurs losses due to closure of its Kotri factory

MG News | August 22, 2019 at 04:04 PM GMT+05:00

Add Mettisglobal as a Trusted Source on Google

0:00

August 22, 2019 (MLN): Philip Morris Pakistan Limited (PMPK) has observed losses of Rs.591.5 million for the half year ended June 30, 2019, as compared to profits of Rs. 724 million (EPS: Rs 4.62) earned in the same period last year.

The losses were incurred mainly due to the management decision to reorganize its operational footprint by closing its factory in Kotri.

Moreover, during the period under review, the company observed a massive growth in its other expenses from Rs 251 million to Rs 2.6 billion after which the company found itself to face with pre-tax losses of Rs 549.8 million.

However, the company enjoyed a tax reversal worth Rs.234.6 million which was not enough to keep the company’s earnings from going into the negative zone.

The company reported its Loss per share (LPS) at Rs 9.69 for the period mentioned above.

Financial Results for the half year ended June 30, 2019 ('000 Rupees)
	Jun-19	Jun-18	% Change
Turnover - net	9,519,537	7,654,337	24.37%
Cost of sales	5,778,394	4,163,808	38.78%
Gross profit	3,741,143	3,490,529	7.18%
Distribution and marketing expenses	1,236,783	1,682,379	-26.49%
Administrative expenses	683,209	658,600	3.74%
Other expenses	2,598,673	251,254	934.28%
Other income	260,263	111,521	133.38%
Operating profit	(517,259)	1,009,817
Finance cost and bank charges	32,582	9,299	250.38%
Profit before taxation	(549,841)	1,000,518
Taxation	41,752	276,378	-84.89%
Profit after taxation	(591,593)	724,140
Earnings per share - basic and diluted (Rupees)	(9.69)	4.62

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	162,896.68 169.98M	0.67% 1091.66
ALLSHR	98,449.69 389.81M	0.63% 617.70
KSE30	48,687.46 89.94M	0.72% 346.80
KMI30	233,849.31 94.62M	0.50% 1168.71
KMIALLSHR	64,048.09 199.49M	0.59% 373.04
BKTi	44,347.06 28.49M	1.07% 471.40
OGTi	34,422.95 8.77M	1.31% 443.56

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	76,960.00	77,425.00 76,120.00	65.00 0.08%
BRENT CRUDE	111.34	111.79 109.01	-0.76 -0.68%
RICHARDS BAY COAL MONTHLY	110.00	0.00 0.00	-7.75 -6.58%
ROTTERDAM COAL MONTHLY	111.50	111.50 111.50	0.90 0.81%
USD RBD PALM OLEIN	1,191.50	1,191.50 1,191.50	0.00 0.00%
CRUDE OIL - WTI	104.37	104.86 102.12	-0.01 -0.01%
SUGAR #11 WORLD	15.04	15.13 14.69	0.31 2.10%