Philip Morris swings to loss in Q3 as costs soar 157%
MG News | October 29, 2024 at 10:58 AM GMT+05:00
October 29, 2024 (MLN): Philip Morris (Pakistan) Limited (PSX: PMPK) reported a loss of Rs113.13 million [LPS: Rs1.84] in the third quarter, contrasting with a profit of Rs287.24m [EPS: Rs4.66] in the same period last year.
According to the result, the company posted a loss despite a 64.9% surge in topline revenue to Rs7.55bn.
This was due to a 157.5% increase in the cost of sales, which led to a 59.7% decline in gross profit to Rs786.99 million in Q3 CY24.
The gross margins worsened to 10.4% as compared to 42.6% in SPLY.
During the period under review, other income rose 204.4% to stand at Rs1.65bn in Q3 CY24 as compared to Rs543.22m in SPLY.
On the expense side, the company's administration expenses rose 26.1% YoY to Rs542.83m, and distribution and selling expenses increased 41.4% YoY to Rs1.67bn.
On the other hand, other operating expenses fell 78% YoY to Rs12.38m.
The company’s finance cost skyrocketed by 184.4% and stood at Rs71.87m as compared to Rs25.27m in SPLY, mainly due to higher interest rates.
On the tax front, the company paid a lower tax worth Rs257.52m against the Rs517.37m paid in the corresponding period of last year, depicting a fall of 50.2%.
On a nine-month basis, the company's profit fell 36.06% to Rs421.17m compared to Rs658.74m in 9MCY23.
Nonetheless, PMPK's share price surged to its upper limit during intraday trading.
| Unconsolidated (un-audited) Financial Results for quarter ended September 30, 2024 (Rupees in '000) | |||
|---|---|---|---|
| Sep 24 | Sep 23 | % Change | |
| Net Sales | 7,552,968 | 4,581,634 | 64.85% |
| Cost of sales | (6,765,981) | (2,627,588) | 157.50% |
| Gross Profit/ (loss) | 786,987 | 1,954,046 | -59.73% |
| Administration expenses | (542,827) | (430,583) | 26.07% |
| Distribution and selling expenses | (1,669,330) | (1,180,602) | 41.40% |
| Other Income | 1,653,804 | 543,222 | 204.44% |
| Other Operating Expenses | (12,378) | (56,204) | -77.98% |
| Finance cost and bank charges | (71,869) | (25,272) | 184.38% |
| Profit/ (loss) before taxation | 144,387 | 804,607 | -82.05% |
| Final tax / levies | (257,515) | (517,370) | -50.23% |
| Net profit/ (loss) for the period | (113,128) | 287,237 | - |
| Basic earnings/ (loss) per share | (1.84) | 4.66 | - |
Amount in thousand except for EPS
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