Philip Morris’s profitability increases substantially due to relatively slower expense growth
MG News | March 07, 2019 at 04:12 PM GMT+05:00
March 7, 2019 (MLN): Philip Morris Pakistan Limited (PMPK) has reported its net profit at Rs. 543 million for the year ended December 2018, which increased substantially by 184. 36% as compared to last year’s profit. This increase in profit is attributable to relatively slower rise in expenses compared to company’s inflows.
During the period, company’s other expenses rose by 73% which were dominated by 74% decline in finance cost, 59% increase in company’s other income and 74% decline in taxes.
The company reported its earnings per share at Rs.1.68 for the said period.
| Financial Results for the year ended December 31, 2018 ('000 Rupees) | |||
|---|---|---|---|
|
| Dec-18 | Dec-17 | % Change |
| Turnover - net | 16,199,912 | 13,966,525 | 15.99% |
| Cost of sales | 10,175,924 | 8,888,275 | 14.49% |
| Gross profit | 6,023,988 | 5,078,250 | 18.62% |
| Distribution and marketing expenses | 3,570,578 | 2,926,658 | 22.00% |
| Administrative expenses | 1,389,471 | 1,355,237 | 2.53% |
| Other expenses | 686,981 | 396,448 | 73.28% |
| Other income | 263,044 | 165,210 | 59.22% |
| Operating profit | 640,002 | 565,117 | 13.25% |
| Finance cost and bank charges | 23,094 | 88,802 | -73.99% |
| Profit before taxation | 616,908 | 476,315 | 29.52% |
| Taxation | 73,757 | 285,307 | -74.15% |
| Profit after taxation | 543,151 | 191,008 | 184.36% |
| Earnings per share - basic and diluted (Rupees) | 1.68 | (1.89)* |
|
*After adjustment of preferance dividend.
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