Nestlé’s half year profits drop by 21%
MG News | August 16, 2018 at 02:13 PM GMT+05:00
Nestle Pakistan Reported a drop of 21% in half yearly profits, owing to a significant increase of 66% in Finance cost.
Cost of goods sold also increased by a greater margin of around 6% as compared to the net sales, which only increased by 4%
Furthermore, the company also recorded lower Other income.
Although the provision for taxation reduced by 14.8%, Nestlé’s profits for the period dropped to Rs.6.3 billion from Rs.7.9 billion during the previous year.
Earnings per share dropped to Rs.138.03 per share as compared to Rs.174.95 per share in the previous year.
| Financial Result for the period ended June 30th 2018 ('000 Rupees) | |||
|
| Jun-18 | Jun-17 | % Change |
| Sales - net | 64,567,801 | 61,941,060 | 4.24% |
| Cost of goods sold | (42,175,969) | (38,223,982) | 10.34% |
| Gross Profits | 22,391,832 | 23,717,078 | -5.59% |
| Distribution and selling expenses | (9,843,421) | (9,419,774) | 4.50% |
| Administration expenses | (1,662,179) | (1,415,814) | 17.40% |
| Operating profits | 10,886,232 | 12,881,490 | -15.49% |
| Finance cost | (795,416) | (477,229) | 66.67% |
| Other operating expenses | (848,843) | (976,567) | -13.08% |
| Other income | 120,562 | 148,934 | -19.05% |
| Profit before taxation | 9,362,535 | 11,576,628 | -19.13% |
| Taxation | (3,102,789) | (3,642,931) | -14.83% |
| Profit after taxation | 6,259,746 | 7,933,697 | -21.10% |
| Earnings per share - Basic and Diluted (Rupees) | 138.03 | 174.95 | -21.10% |
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