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

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

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.

Posted on: 2018-03-15T16:50:00+05:00
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