Philip Morris Pakistan Ltd. profits fall 66.79% to Rupees 191.008 million

MG News | March 15, 2018 at 04:50 PM GMT+05:00

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Philip Morris Pakistan Limited today reported financial statements for the year ending December, 2017. The company reported a 1.74 percent decline in net turnover shrinking gross profits by 15.66 percent.

PMPK releases on the exchange show a very dismal performance during the last year for the tobacco giant.

Despite a marked reduction in company expenses the Philip Morris could not break even during the year. Other income also took a fall of more than 12 percent.

Profit after taxation for the period declines by more than 66 percent during the year, with total profit clocking in at 191.008 million reported loss per share of Rupees 1.89, against last year’s earnings 8.79 Rupees per share.

Comparison of Key Financials
Unconsolidated Profit and Loss Account - For the Year Ended, December 30^th 2017
Key Financials	2017	2016	% Change
	Amounts in PKR ‘000
Turnover - Net	13,966,525	14,213,338	-1.74%
Cost of Sales	8,888,275	8,192,406	8.49%
Gross Profit	5,078,250	6,020,932	-15.66%
Distribution and Marketing Expenses	2,926,658	2,941,858	-0.52%
Administrative Expenses	1,355,237	1,352,482	0.20%
Other Expenses	396,448	783,481	-49.40%
Other Income	165,210	189,480	-12.81%
Operating Profit	565,117	1,132,591	-50.10%
Finance Cost and Bank Charges	88,802	362,703	-75.52%
Profit before Taxation	476,315	769,888	-38.13%
Taxation	285,307	194,731	46.51%
Profit after Taxation	191,008	575,157	-66.79%
Total Comprehensive Income for the year	208,567	510,514	-59.15%
(Loss)/Earnings per share - basic and diluted	(1.89)	8.79

Company release on Earnings Report can be accessed here.

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