Glaxo suffers Rs322m loss in first half of 2023

August 22, 2023 (MLN): GlaxoSmithKline (Pakistan) Limited (PSX: GLAXO) unveiled its financial results, wherein the loss after tax clocked in at 321.83 million [LPS: Rs1.01] in 1HCY23, compared to a profit of Rs631.21m [EPS: Rs1.98] in the same period last year (SPLY).

Going by the results, the company's top line increased by 28.02% YoY to Rs23.26bn as compared to Rs18.17bn in SPLY.

Howover, the cost of sales also rose by 51.77% YoY, which worsened the gross profit by 59.03% YoY to Rs1.6bn in 1HCY23.

On the expense side, the company observed an increase in selling and distribution expenses by 50.61% YoY, while other expenses fell by 83.39% YoY to clock in at Rs869.61m and Rs31.81m respectively during the review period.

The company’s finance costs inched up by 1.58% YoY and stood at Rs366.2m as compared to Rs360.51m in 1HCY23.

On the other hand, during the review period, other income skyrocketed by 2.13x YoY to stand at Rs2.29bn in 1HCY23 as compared to Rs1.08bn in SPLY.

On the tax front, the company paid a lower tax worth Rs672.75m against the Rs1.57bn paid in the corresponding period of last year, depicting an increase of 57.18% YoY.

Amount in thousand except for EPS

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