Philip Morris records losses of Rs1.2 bln following management’s decision to shut down factory

11:12
April 25, 2019
MG

April 25, 2019 (MLN): The Board of Directors of Philip Morris (Pakistan) limited, in their meeting held on April 25, 2019, considered and approved financial results of the company for the quarter ended March 31, 2019.

As per the results the company has booked losses of Rs. 1.2 billion (LPS: Rs. 20.56) as against profits of Rs. 405 million (EPS: Rs. 6.58) booked in same period last year.

The Company recorded a loss mainly due to management’s decision to reorganize its operational footprint by closing its factory in Kotri.

This decision led to a ridiculous increase in other expenses, Rs. 2.5 billion to be precise, which ultimately resulted in a disastrous performance for the quarter.

However, the company was accorded some relief in the form of tax benefits, which amounted to Rs. 485 million.

Profit and loss account for the quarter ended March 31 2019 (Rupees'000)
	Mar-19	Mar-18	% Change
Turnover – net	4,095,984	3,785,412	8.20%
Cost of sales	-2,340,620	-1,893,835	23.59%
Gross profit	1,755,364	1,891,577	-7.20%
Distribution and marketing expenses	-631,125	-915,562	-31.07%
Administrative expenses	-315,510	-318,476	-0.93%
Other expenses	-2,662,076	-101,583	2520.59%
Other income	117,600	63,245	85.94%
Operating (loss) / profit	-1,735,747	619,201
Finance cost and bank charges	-15,791	-5,164	205.79%
(Loss) / Profit before taxation	-1,751,538	614,037
Taxation	485,725	-208,940
(Loss) / Profit after taxation	-1,265,813	405,097
(Loss) / Earnings per share- Basic and Diluted	-20.56	6.58

Copyright Mettis Link News

Posted on: 2019-04-25T16:12:00+05:00

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1	PKR	278.20000	278.40000	278.40000	278.20000	01:03 PM
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43	KES	129.80600	132.61800	132.61797	129.80648	05:38 AM
44	AMD	365.11900	421.34900	421.34858	365.11879	05:38 AM
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46	XAU	2,390.01000	2,391.71000	2,391.71000	2,390.01000	07:06 AM
47	XAG	28.65580	28.68580	28.68580	28.65580	07:06 AM
48	XPT	931.58700	937.31300	937.31280	931.58720	02:00 AM
49	XPD	1,026.51000	1,034.34000	1,034.33590	1,026.50920	02:00 AM
2,120	VES	36.25120	36.34210	36.34210	36.25125	08:00 PM
2,212	UGX	3,759.90000	3,844.24000	3,844.24348	3,759.89879	05:38 AM
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KMIALLSHR	33,051.27	33,022.390	32,695.54	298.524	0.912	317,804,569.0	19,951,289,708.390	19/04/2024 05:13 PM
BKTi	17,861.34	17,826.912	17,489.40	244.864	1.393	16,782,769.0	1,601,100,031.210	19/04/2024 05:13 PM
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