GlaxoSmitKline reports a drop of 6.7% in half yearly profits

In a Board of Directors meeting held on August 13th 2018, GlaxoSmitKline Pakistan Limited finalized its financial earnings for the half year ended June 30th 2018.

According to the report issued to PSX, as compared to the Half Year ended June 30th 2017, the company's sales increased by 6% while Gross profits increased by only 2%.

In addition to this, Selling, marketing and distribution expenses increased by a greater margin of  15.7% while other income decreased by 21%. The collective impact of these resulted in the Profits from operations to decrease by 8%

Furthermore, Profit after taxation from continuing operations dropped by 10.54% as well, thus the overall profit for the period took a dip of 6.7%.

Other than that, Earnings per share was reported to have dropped to Rs.4.18 per share from Rs.4.48 per share.

Financial Results for the Half Year ended June 30th 2018 ('000 Rupees)

 

Jun-18

Jun-17

% Change

Sales

                     17,224,111

                     16,208,185

6.27%

Cost of Sales

                  (12,725,298)

                  (11,824,067)

7.62%

Gross Profit

                       4,498,813

                       4,384,118

2.62%

Selling, marketing and distribution expenses

                     (1,710,735)

                     (1,478,058)

15.74%

Administrative expenses

                        (521,954)

                        (482,952)

8.08%

Other operating expenses

                        (204,042)

                        (222,013)

-8.09%

Other income

                           232,102

                           294,599

-21.21%

Profit from operations

                       2,294,184

                       2,495,694

-8.07%

Finance cost

                           (71,239)

                             (9,761)

629.83%

Profit before taxation

                       2,222,945

                       2,485,933

-10.58%

Taxation

                        (918,660)

                     (1,027,937)

-10.63%

Profit after taxation from continuing operations

                       1,304,285

                       1,457,996

-10.54%

(Loss)/Profit after taxation from discontinued operations

                             26,029

                           (31,721)

 

Total profit after taxation

                       1,330,314

                       1,426,275

-6.73%

Earnings per share (Rupees)

                                  4.18

                                  4.48

-6.70%

 

 

Posted on: 2018-08-13T13:52:00+05:00

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