Philip Morris Pakistan remains in losses

MG News | October 18, 2019 at 02:46 PM GMT+05:00

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October 18, 2019 (MLN): The ongoing year seems to be a tough business year for Philip Morris Pakistan Limited (PSX: PMPK), a major Tobacco firm in Pakistan as it has reported net losses worth Rs 1.37 billion for nine-month ended September 2019 in a meeting held earlier today.

The loss per share (LPS) for the period locked in at Rs 22.31 per share.

As per the financial statement issued by the company to the bourse, the losses were recorded mainly due to the management decision to reorganize its operational footprint by closing its factory in Kotri.

The other major factors that attributed to losses were a rise in the cost of sales by 15%, a colossal upsurge in the company’s other expenses and finance cost by Rs 2.4 billion and Rs 24.7 million respectively. Moreover, a marginal decline in net revenues along with a considerable increase in the cost of sales led the gross margins to shrink by 9 percentage points.

In addition, the company also enjoyed tax incentives of Rs 394.9 million during the period which provided some comfort to the earnings.

Financial Results for the nine months ended September 30, 2019 ('000 Rupees)
	Sep-19	Sep-18	% Change
Turnover - net	11,039,713	11,157,186	-1.05%
Cost of sales	7,232,880	6,295,689	14.89%
Gross profit	3,806,833	4,861,497	-21.69%
Distribution and marketing expenses	1,989,263	2,440,898	-18.50%
Administrative expenses	1,101,958	992,166	11.07%
Other expenses	2,825,153	390,178	624.07%
Other income	381,716	156,044	144.62%
Operating profit	(1,727,825)	1,194,299
Finance cost and bank charges	40,735	15,982	154.88%
Profit before taxation	(1,768,560)	1,178,317
Taxation	(394,930)	296,894
Profit after taxation	(1,373,630)	881,423
Earnings per share - basic and diluted (Rupees)	(22.31)	7.18

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