Pakistan Tobacco suffers notable reduction in quarterly profits

MG News | April 22, 2019 at 03:20 PM GMT+05:00

0:00

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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