Philip Morris’s profitability increases substantially due to relatively slower expense growth

MG News | March 07, 2019 at 04:12 PM GMT+05:00

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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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