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

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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

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