Nestle endures 32% decline in Net Profits for 9MFY19
MG News | April 29, 2019 at 05:57 PM GMT+05:00
April 29, 2019 (MLN): Nestlé Pakistan Limited has stated Profit after Tax of Rs. 2.2 billion (EPS: Rs. 15.5) for the quarter ended March 31, 2019, demonstrating a decline of 32% as compared to the figures of 9MFY18.
The net earnings declined on the back of fall in sales revenue by 11% to Rs. 29 billion. As a result, the gross profits of the company also came down by 24%.
Despite no increase in the operating expenses, the change in Operating profits of the company was still negative.
In addition to this, the finance costs surged by 99%, which further battered the profitability of the company.
However, the company gained some sort of breather in the form of decline in income taxes by 32%.
| Financial Result for the quarter ended March 31, 2019 ('000 Rupees) | |||
|---|---|---|---|
| Mar-19 | Mar-18 | % Change | |
| Sales - net | 29,135,878 | 32,856,849 | -11.32% |
| Cost of goods sold | (20,666,249) | (21,667,563) | -4.62% |
| Gross Profits | 8,469,629 | 11,189,286 | -24.31% |
| Distribution and selling expenses | (3,583,642) | (4,912,751) | -27.05% |
| Administration expenses | (859,150) | (879,965) | -2.37% |
| Operating profits | 4,026,837 | 5,396,570 | -25.38% |
| Finance cost | (727,333) | (365,490) | 99.00% |
| Other expenses | (244,343) | (412,289) | -40.74% |
| Other income | 92,604 | 68,334 | 35.52% |
| Profit before taxation | 3,147,765 | 4,687,125 | -32.84% |
| Taxation | (873,427) | (1,305,520) | -33.10% |
| Profit after taxation | 2,274,338 | 3,381,605 | -32.74% |
| Earnings per share - Basic and Diluted (Rupees) | 50.15 | 74.57 | -32.75% |
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