GlaxoSmithKline announces 15% decline in 9MCY18 profits

MG News | October 29, 2018 at 02:57 PM GMT+05:00

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October 29, 2018 (MLN): GlaxoSmithKline Pakistan Limited (GLAXO) has announced its nine month profit for the period ended September 30, 2018 at Rs.1.9 billion (+Rs.344.6 million or +15.5%, YoY), whereas EPS is at Rs.5.87 per share (-15.6%).

The decline in profit growth has come about as result of higher sales cost and boosted expenses.

As per an official report on the company’s financial earnings, GLAXO’s gross profits dropped to Rs.6.4 billion, marking a decline of Rs.235 million or 3.6%.

Moreover, GLAXO bore further disbursements in view of higher expenses during the period, resulting in pretax profits to drop by 12.5%, to Rs.3.2 billion.

Nonetheless, the company experienced some relief in the name of profits from discontinued operations, which accounted for over Rs.26 million. On the other hand, during the corresponding period of last year, discontinued operations made losses worth Rs.35.7 million.

Financial Results for the nine months ended September 30, 2018 ('000 Rupees)
	Sep-18	Sep-17	% Change
Sales	25,274,071	23,882,711	5.83%
Cost of Sales	(18,908,179)	(17,281,119)	9.42%
Gross Profit	6,365,892	6,601,592	-3.57%
Selling, marketing and distribution expenses	(2,588,864)	(2,228,686)	16.16%
Administrative expenses	(776,093)	(727,941)	6.61%
Other operating expenses	(298,761)	(315,862)	-5.41%
Other income	590,607	362,838	62.77%
Profit from operations	3,292,781	3,691,941	-10.81%
Finance cost	(81,301)	(22,278)	264.94%
Profit before taxation	3,211,480	3,669,663	-12.49%
Taxation	(1,366,134)	(1,418,025)	-3.66%
Profit after taxation from continuing operations	1,845,346	2,251,638	-18.04%
(Loss)/Profit after taxation from discontinued operations	26,029	(35,695)	-172.92%
Total profit after taxation	1,871,375	2,215,943	-15.55%
Earnings per share (Rupees)	5.87	6.96	-15.66%

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