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Gillette Pakistan’s cost-cutting turns losses into profits

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September 25, 2018 (MLN): Gillette Pakistan Limited (GLPL) has successfully spun around last year’s annual losses into profits during the year ended June 30th 2018, by cutting down on the cost of goods sold.

During the company’s board of Directors meeting that took place yesterday, the company’s financial earnings for the year were evaluated and laid side by side with the prior year’s earnings.

According to the relevant report issued to the PSX, Gillette made slightly smaller net sales this during the year, as compared to the sales made during the year ended June 30th 2018.

However, since the cost of goods sold declined by 18%, the gross profits for the year took a massive leap of 81%.

Even though the total operating expenses during the year increased by 14% and non-core income dropped by 75%, the company still managed to transform the previous year’s losses into profits.

Moreover, basic and diluted earnings per share has been recorded at Rs.0.23 per share.

Financial Results for the Year Ended June 30th 2018 ('000 Rupees)

 

Jun-18

Jun-17

% Change

Sales – net

                               1,828,717

                               1,834,575

-0.32%

Cost of goods sold

                            (1,233,559)

                            (1,506,003)

-18.09%

Gross profit

                                  595,158

                                  328,572

81.13%

Selling, marketing and distribution expenses

                                (336,221)

                                (302,272)

11.23%

Administrative expenses

                                  (29,132)

                                  (22,234)

31.02%

Other operating expenses

                                (107,217)

                                  (99,028)

8.27%

Interest expenses

                                     (8,679)

                                              –  

 

Bank charges

                                        (251)

                                           (17)

1376.47%

 

                                (481,500)

                                (423,551)

13.68%

Other income

                                       2,910

                                     11,562

-74.83%

(Loss)/profit before tax

                                  116,568

                                  (83,417)

 

Income tax expense

                                (112,246)

                                (110,045)

2.00%

Profit/(Loss) after tax

                                       4,322

                                (193,462)

 

Loss per share – basic and diluted (Rupees)

                                         0.23

                                     (10.08)

 

 

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Posted on: 2018-09-25T10:19:00+05:00

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