GSK Pakistan suffers Rs1.23 loss per share in 9 months

MG News | October 24, 2023 at 03:18 PM GMT+05:00

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October 24, 2023 (MLN): GlaxoSmithKline (Pakistan) Limited (PSX: GLAXO) unveiled its profit and loss statement for the nine months ended September 30 2023, wherein the loss after tax clocked in at 391.62 million [LPS: Rs1.23], compared to a profit of Rs779.88m [EPS: Rs2.45] in the same period last year (SPLY).

Going by the results, the company's top line marked an increase of 23.05% YoY to Rs37.03bn as compared to Rs30.09bn in SPLY.

However, the cost of sales also rose by 39.97% YoY, which worsened the gross profit by 52.41% YoY to Rs2.62bn in 9MCY23.

During the review period, other income increased by 67.96% YoY to stand at Rs2.96bn in 9MCY23 as compared to Rs1.77bn in SPLY.

On the expense side, the company observed an increase in sales and distribution expenses by 38.00% YoY while reducing other operating expenses by 87.23% YoY to clock in at Rs3.44bn and Rs26.74m respectively during the review period.

The company’s finance charges decreased by 52.21% YoY and stood at Rs377.94m as compared to Rs790.87m in 9MCY22.

On the tax front, the company paid a higher tax worth Rs647.1m against the Rs1.7bn paid in the corresponding period of last year, depicting a rise of 62.04% YoY.

Unconsolidated (un-audited) Financial Results for Nine months ended 30 September, 2023 (Rupees in '000)
	Sep 23	Sep 22	% Change
Sales	37,029,870	30,094,003	23.05%
Cost of sales	(34,406,705)	(24,581,431)	39.97%
Gross Profit	2,623,165	5,512,572	-52.41%
Sales and distribution expenses	(3,436,017)	(2,489,953)	38.00%
Administrative expenses	(1,491,802)	(1,302,779)	14.51%
Other Income	2,964,813	1,765,202	67.96%
Other operating expenses	(26,744)	(209,463)	-87.23%
Finance cost	(377,935)	(790,871)	-52.21%
Profit before taxation	255,480	2,484,708	-89.72%
Taxation	(647,101)	(1,704,832)	-62.04%
Net profit for the period	(391,621)	779,876	-
Basic earnings/ (loss) per share	(1.23)	2.45	-

Amount in thousand except for EPS

GLAXO and KSE-100 YTD Performance

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