Pakistan Tobacco suffers notable reduction in quarterly profits
MG News | April 22, 2019 at 03:20 PM GMT+05:00
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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