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Pakistan Tobacco suffers notable reduction in quarterly profits

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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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Posted on: 2019-04-22T15:20:00+05:00

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