Nestle's profits report a decline of 23.85% for 3QFY19
MG News | October 23, 2018 at 03:32 PM GMT+05:00
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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