Nestle's profits report a decline of 23.85% for 3QFY19

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MG News | October 23, 2018 at 03:32 PM GMT+05:00

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October 23, 2018 (MLN): Nestle Pakistan Limited profits have stated a decline of Rs. 2.7 billion for the nine months period ended 30 September 2018, down by 23.85% as compared to the same period last year.

As per the notification issued by PSX, the revenue for the company improved only slightly by 1.83% whereas the cost of sales grew by 6.72%, the combined effect of which caused the gross profit to lower by 6.53%.

In a similar stance, the Distribution and Administrative expenses of the company reported an increase of 4.71% and 10.425 respectively, causing the operating profits to decline by 17.13%

The increase in Finance costs by 68.32% further eroded the profitability of the company, causing the profit before tax to sink by 21.55%

The income taxes, however, exhibited a decline of 16.24%, ameliorating the impact of increased expenses on the overall profits.

The Earnings per share of the company reported a decline of 23.86% for the period ended September 30, 2018.

The company announced its 2nd Interim Cash Dividend at Rs.75 per share

Profit and loss account for the nine months ended September 30th 2018 (Rupees’000)

 

Sep-18

Sep-17

% Change

Sales-net

94,085,454

92,395,385

1.83%

Cost of goods sold

-62,182,700

-58,264,419

6.72%

Gross Profit

31,902,754

34,130,966

-6.53%

Distribution and selling expenses

-14,506,069

-13,853,333

4.71%

Administration expenses

-2,373,627

-2,149,680

10.42%

Operating profit

15,023,058

18,127,953

-17.13%

Finance cost

-1,264,668

-751,348

68.32%

Other operating expenses

-1,218,676

-1,387,379

-12.16%

Other income

200,094

250,417

-20.10%

Profit before taxation

12,739,808

16,239,643

-21.55%

Taxation

-4,110,996

-4,907,908

-16.24%

Profit after taxation

8,628,812

11,331,735

-23.85%

Earnings per share (Rupees)

190.27

249.88

-23.86%

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