Searle’s bottom-line profits mount on the back of improved topline earnings

MG News | October 12, 2018 at 10:11 AM GMT+05:00

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October 12, 2018 (MLN): The Searle Company Limited has successfully driven up its annual consolidated profits by 13.5%, during the year ended June 30^th 2018, on the back of enhanced topline earnings.

Deduced from the company’s Board of Directors meeting which took place yesterday, the company made Rs.3 billion or 23% higher revenue as compared to the corresponding period of last year.

According to the financial earnings’ report issued to the PSX, Searle made a gross profit of Rs.8.3 billion, 18% higher than that made last year.

Despite increments in overall expenses including the finance cost, and an additional drop in non-core income, the company managed to pulled its annual profits up from Rs.2.4 billion to Rs.2.7 billion over the year.

Moreover, Searle’s basic and diluted earnings per share have been reported at Rs.14.55 per share while those recorded last year were Rs.12.75 per share.

Consolidated statement of Profit or Loss for the Year ended June 30th 2018 ('000 Rupees)
	Jun-18	Jun-17	% Change
Revenue	16,395,639	13,309,651	23.19%
Cost of sales	(8,064,675)	(6,291,348)	28.19%
Gross profit	8,330,964	7,018,303	18.70%
Distribution costs	(3,742,496)	(3,139,747)	19.20%
Administrative expenses	(1,078,295)	(932,523)	15.63%
Other operating expenses	(195,407)	(206,079)	-5.18%
Other income	156,393	275,570	-43.25%
Profit for operations	3,471,159	3,015,524	15.11%
Finance cost	(216,736)	(135,108)	60.42%
Profit before income tax	3,254,423	2,880,416	12.98%
Income tax expense	(537,823)	(487,341)	10.36%
Profit for the year	2,716,600	2,393,075	13.52%
Basic and diluted earnings per share (Rupees)	14.55	12.75	14.12%

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