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 30th 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.
