Glaxo’s profits diminish by 6% during 2019
MG News | March 11, 2020 at 02:58 PM GMT+05:00
March 11, 2020 (MLN): GlaxoSmithKline Pakistan Limited has announced the financial results for the year ended December 31, 2019, which show that the company has earned profits of Rs. 3.04 billion (EPS: Rs. 9.55), i.e. around 6% lower than those of previous year.
The company also announced a Cash Dividend for the period at Rs. 6 per share i.e. 60%.
The company’s topline earning surged by 7.5%, while cost of sales increased by 12.8%, causing the gross profit to fall by 8.3%. On the other hand, the non-core income surged by 35% whereas non-core expenses fell by merely 1%.
| Financial Results for the year ended March 31, 2019 ('000 Rupees) | |||
|---|---|---|---|
| Dec-19 | Dec-18 | % Change | |
| Sales | 36,581,749 | 34,006,840 | 7.57% |
| Cost of Sales | (28,870,246) | (25,593,240) | 12.80% |
| Gross Profit | 7,711,503 | 8,413,600 | -8.34% |
| Selling, marketing and distribution expenses | (3,320,549) | (3,571,512) | -7.03% |
| Administrative expenses | (1,098,946) | (1,076,631) | 2.07% |
| Other operating expenses | (393,563) | (397,582) | -1.01% |
| Other income | 1,991,462 | 1,471,634 | 35.32% |
| Profit from operations | 4,889,907 | 4,839,509 | 1.04% |
| Finance cost | (289,611) | (147,392) | 96.49% |
| Profit before taxation | 4,600,296 | 4,692,117 | -1.96% |
| Taxation | (1,559,173) | (1,460,195) | 6.78% |
| Profit after taxation | 3,041,123 | 3,231,922 | -5.90% |
| Earnings per share (Rupees) | 9.55 | 10.15 | -5.91% |
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