March 4, 2019 (MLN): GlaxoSmithKline Pakistan Limited has stated net earnings of Rs. 3.2 billion for the year ended December 31, 2018, 9.29% higher than the earnings of last year. Moreover, the company’s EPS was stated at Rs. 10.23.
As per an official report on the company’s financial earnings, the growth in profits was a result of decline in taxes by 23%, as well as some relief in the name of profits from discontinued operations, which accounted for over Rs.26 million.
The company also announced a final Cash Dividend for the year at Rs.7 per share i.e. 70%.
Profit and loss account for the year ended December 31 2018 (Rupees'000)
Dec-18
Dec-17
% Change
Net sales
34,006,840
32,773,770
3.76%
Cost of sales
-25,593,240
-24,095,384
6.22%
Gross profit
8,413,600
8,678,386
-3.05%
Selling, marketing and distribution expenses
-3,571,512
-3,278,792
8.93%
Administrative expenses
-1,076,631
-982,786
9.55%
Other operating expenses
-397,582
-439,456
-9.53%
Other income
1,471,634
1,036,344
42%
Operating profit
4,839,509
5,013,696
-3.47%
Financial charges
-147,392
-88,282
66.96%
Profit before taxation
4,692,117
4,925,414
-4.74%
Taxation
-1,460,195
-1,898,180
-23.07%
Profit after taxation from continuing operations
3,231,922
3,027,234
6.76%
Profit/(Loss) after taxation from discontinuing operations
