GLAXO reports a 42% YoY rise in half-year profits

MG News | August 24, 2020 at 03:40 PM GMT+05:00

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August 24, 2020 (MLN): GlaxoSmithKline Pakistan Limited (GLAXO) has announced its financial results for the half-year ended on June 30, 2020. As per the results, it has reported its net profits of Rs 1.24 billion, showing a growth of 42% YoY against the net profits of the same period of last year.

The company’s net earnings increased on the back of lower finance cost which plunged by 94% YoY to Rs 19 million during 1HCY20.

As per the financial statement issued by the company, the topline witnessed a drop of 10.66%YoY to Rs 15.77 billion, but more than a proportionate decrease in the cost of sales expanded gross margins from 20.46% to 21.94%.

The other major highlights include a decrease in selling, marketing, and distribution expenses by 15% YoY and the increase in other income by 26.49% YoY, from Rs 638 million to Rs 807 million when compared to the prior year.

Other than this, GLAXO’s basic and diluted earnings per share have been reported at Rs 3.0 per share while those recorded last year were Rs 2.75 per share.

Financial Results for the Half-Year ended June 30, 2020 ('000 Rupees)
	Jun-20	Jun-19	% Change
Sales	15,772,309	17,653,475	-10.66%
Cost of Sales	(12,311,559)	(14,041,023)	-12.32%
Gross Profit	3,460,750	3,612,452	-4.20%
Selling, marketing and distribution expenses	(1,408,061)	(1,663,724)	-15.37%
Administrative expenses	(765,265)	(562,086)	36.15%
Other operating expenses	(166,069)	(134,988)	23.03%
Other income	807,583	638,437	26.49%
Profit from operations	1,928,938	1,890,091	2.06%
Finance cost	(19,141)	(303,278)	-93.69%
Profit before taxation	1,909,797	1,586,813	20.35%
Taxation	(666,449)	(712,225)	-6.43%
Profit after taxation from continuing operations	1,243,348	874,588	42.16%
Earnings per share (Rupees)	3.90	2.75	41.82%

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