October 25, 2022 (MLN): GlaxoSmithKline Pakistan Limited (PSX: GLAXO) on Tuesday unveiled its financial performance for the period of nine months that ended on September 30, 2022, as per which the profits after tax (PAT) plunged to Rs780 million [EPS: Rs2.45] compared to Rs2.9bn [EPS: Rs9.11] in 9MCY21.
Despite the increase in net sales by 13.23% YoY, the gross margin of the company shrank to18.32% from 26.28% in 9MCY21. This dilution was attributable to an adverse sales mix resulting from greater demand for lower-margin products.
On the cost front, the company witnessed a 15% YoY increase in its selling and marketing costs, while its admin surged by 30% YoY. On the other hand, other operating expenses plummeted to Rs209.46mn, down by 45% YoY.
Meanwhile, the other income of the company jumped by around 80% YoY to Rs1.76bn in 9MFY23, compared to Rs982mn in the corresponding period last year.
Moreover, the company’s effective tax rate came in at 68.6% compared to 33.37% in the comparative year.
