Philip Morris Pakistan Ltd. profits fall 66.79% to Rupees 191.008 million
By MG News | March 15, 2018 at 04:50 PM GMT+05:00
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.
| 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.
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