April 22, 2019 (MLN): Pakistan Tobacco Company Limited (PAKT) has reported Rs.2.8 billion net profit (EPS: Rs.10.93) in its earnings during the first quarter (January – March 2019) of ongoing year. This marks a 23.5% decline in the company’s net earnings, as compared to the corresponding period of last year.
According to relevant data issued to the Pakistan Stock exchange (PSX), the company observed a 7% decline in net turnover (Rs.12.4 billion) which combined with higher sales cost (Rs.6.7 billion) led to an 18.5% decline in gross profits (Rs.5.7 billion).
Moreover, net operating income suffered a shortfall, thereby bringing down the operating profits (Rs.3.7 billion) by 27%, YoY.
On the brighter side, the company’s net finance income (Rs.187.9 million) grew by 26%, and income tax expenses (Rs.1 billion) shrunk by 31%.
Profit and Loss Account for the first quarter ended March 31, 2019 (Rs'000) |
|||
---|---|---|---|
|
Mar-19 |
Mar-18 |
% Change |
Net turnover |
12,434,678 |
13,365,893 |
-6.97% |
Cost of Sales |
(6,702,280) |
(6,335,370) |
5.79% |
Gross Profit |
5,732,398 |
7,030,523 |
-18.46% |
Selling and distribution expenses |
(1,048,506) |
(876,761) |
19.59% |
Administrative Expenses |
(698,060) |
(646,172) |
8.03% |
Other operating expenses |
(336,461) |
(472,007) |
-28.72% |
Other operating income |
30,147 |
24,376 |
23.67% |
Operating Profit |
3,679,518 |
5,059,959 |
-27.28% |
Finance Income |
210,281 |
156,150 |
34.67% |
Finance cost |
(22,387) |
(7,765) |
188.31% |
Net finance income |
187,894 |
148,385 |
26.63% |
Profit before income tax |
3,867,412 |
5,208,344 |
-25.75% |
Income tax expense |
(1,075,181) |
(1,558,217) |
-31.00% |
Profit for the period |
2,792,231 |
3,650,127 |
-23.50% |
Earnings per share – basic and diluted (Rupees) |
10.93 |
14.29 |
-23.51% |
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