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

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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)





% Change

Turnover – net




Cost of sales




Gross profit




Distribution and marketing expenses




Administrative expenses




Other expenses




Other income




Operating profit




Finance cost and bank charges




Profit before taxation








Profit after taxation




Earnings per share – basic and diluted (Rupees)





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Posted on: 2019-08-22T16:04:00+05:00