GSK’s net earnings drop by 2.5% owing to a rise in finance cost

MG News | October 28, 2019 at 01:41 PM GMT+05:00

0:00

October 28, 2019(MLN): GlaxoSmithKline Pakistan Limited (GSK) has announced its financial results for the nine months ended on September 30, 2019. As per the results, it has posted its net earnings of Rs. 1.7 billion, around 2.5% lower than the same period of last year.

The company’s net earnings declined on the back of increased finance cost which rose to 3.4x YoY to Rs 275 million.

During the period, the sales revenue were up by 2.18%, but more than a proportionate increase in the cost of sales made the gross profits decline by 12.57%.

The effective focus on cost control as an operating cost and selling & distribution cost slumped by 18% YoY and 6% respectively whereas upsurge in other income by around 81.6% YoY, provided a cushion to its net earnings.

Other than this, GSK’s basic and diluted earnings per share have been reported at Rs 5.65 per share while those recorded last year were Rs 5.87per share.

Financial Results for the Nine-months ended September 30, 2019 ('000 Rupees)
	Sep-19	Sep-18	% Change
Sales	25,824,915	25,274,071	2.18%
Cost of Sales	(20,259,214)	(18,908,179)	7.15%
Gross Profit	5,565,701	6,365,892	-12.57%
Selling, marketing and distribution expenses	(2,432,582)	(2,588,864)	-6.04%
Administrative expenses	(824,608)	(776,093)	6.25%
Other operating expenses	(244,845)	(298,761)	-18.05%
Other income	1,072,894	590,607	81.66%
Profit from operations	3,136,560	3,292,781	-4.74%
Finance cost	(275,839)	(81,301)	239.28%
Profit before taxation	2,860,721	3,211,480	-10.92%
Taxation	(1,062,372)	(1,366,134)	-22.24%
Profit after taxation from continuing operations	1,798,349	1,845,346	-2.55%
(Loss)/Profit after taxation from discontinued operations	-	-
Total profit after taxation	1,798,349	1,845,346	-2.55%
Earnings per share (Rupees)	5.65	5.87	-3.75%

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	171,728.23 176.30M	-0.67% -1166.05
ALLSHR	102,910.30 520.11M	-0.45% -464.50
KSE30	51,670.03 67.45M	-0.86% -450.07
KMI30	247,010.32 110.61M	-0.71% -1757.30
KMIALLSHR	66,915.02 280.04M	-0.41% -276.50
BKTi	47,405.87 21.06M	-1.12% -534.71
OGTi	35,932.85 5.24M	-1.02% -370.15

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	79,940.00	80,340.00 79,370.00	-405.00 -0.50%
BRENT CRUDE	100.94	102.92 99.62	0.88 0.88%
RICHARDS BAY COAL MONTHLY	110.00	0.00 0.00	-2.50 -2.22%
ROTTERDAM COAL MONTHLY	106.55	106.60 105.45	1.80 1.72%
USD RBD PALM OLEIN	1,191.50	1,191.50 1,191.50	0.00 0.00%
CRUDE OIL - WTI	95.22	98.64 94.15	0.41 0.43%
SUGAR #11 WORLD	14.61	14.65 14.54	0.07 0.48%