GlaxoSmithKline Consumer Healthcare reports marginal dip in PAT

MG News | October 30, 2018 at 10:18 AM GMT+05:00

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October 30, 2018 (MLN): GlaxoSmithKline Consumer Healthcare Pakistan (GSKCH)’s net profit after tax (PAT) has been recorded at Rs.479 million, marking a slight dip from last year’s period’s profits (-3%). Meanwhile, the company’s EPS has dropped by the same margin, to Rs.5.01 per share.

The decline in total profit could have been more blatant, had it not been for the reduced tax expenses (-32%), since GSKCH’s pretax profits (Rs.705 million) had dropped by a larger margin of nearly 15%.

As per the financial statement issued to PSX, the company earned 5% higher in net sales, but its gross profits dropped by 0.8%, coming down to Rs.2.2 billion.

Moreover, net expenses grew on the whole, where the most noticeable growth was shown in selling, marketing and distribution expenses (+9% or Rs.120 million).

The collective impact of all the components resulted in a marginal decline in the company’s overall profits.

Financial Results for the nine months ended September 30th 2018 ('000 Rupees)
	Sep-18	Sep-17	% Change
Net sales	6,190,532	5,917,183	4.62%
Cost of sales	(3,952,570)	(3,660,245)	7.99%
Gross profit	2,237,962	2,256,938	-0.84%
Selling, marketing and distribution expenses	(1,451,555)	(1,331,664)	9.00%
Administrative expenses	(188,286)	(153,336)	22.79%
Other operating expenses	(54,608)	(69,327)	-21.23%
Other income	172,196	140,466	22.59%
Operating profit/(loss)	715,709	843,077	-15.11%
Financial charges	(10,486)	(14,340)	-26.88%
Profit/(loss) before taxation	705,223	828,737	-14.90%
Taxation	(226,065)	(334,972)	-32.51%
Profit/(loss) after taxation	479,158	493,765	-2.96%
Earnings per share - basic and diluted (Rupees)	5.01	5.17	-3.09%

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