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

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

0:00

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 2^nd 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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