Tax relief fails to avert major decline in Otsuka's bottomlline gains
By MG News | October 24, 2018 at 03:56 PM GMT+05:00
October 23, 2018 (MLN): Otsuka Pakistan (OTSU)’s poor performance in the quarter ended September 30, 2018 is reflected in the alarming rate at which its profits nose-dived, when compared to the profits during last year’s first quarter.
The company lost out on over Rs.64 million worth of net sales during the period while gross profits were reduced by 25% over the year.
To add effect to that, OTSU’s total expenses hiked while income dropped abruptly.
A tax reduction of over Rs.24 million could not deflect the major decline of 90% in profits. The company has reported in basic and diluted earnings per share at Rs.0.3 per share, down from Rs.3.03 per share.
| Profit and Loss statement for the quarter ended September 30, 2018 ('000 Rupees) | |||
|---|---|---|---|
|
| Sep-18 | Sep-17 | % Change |
| Net sales | 441,554 | 505,651 | -12.68% |
| Cost of sales | (339,128) | (368,822) | -8.05% |
| Gross profit | 102,426 | 136,829 | -25.14% |
| Selling and distribution expenses | (61,272) | (49,345) | 24.17% |
| Administrative and general expenses | (22,262) | (20,904) | 6.50% |
| Other income | 6,194 | 16,398 | -62.23% |
| Other expenses | (5,645) | (8,244) | -31.53% |
| Operating income | 19,441 | 74,734 | -73.99% |
| Finance cost | (11,046) | (8,488) | 30.14% |
| Profit before taxation | 8,395 | 66,246 | -87.33% |
| Net taxation | (4,810) | (29,586) | -83.74% |
| Profit for the period | 3,585 | 36,660 | -90.22% |
| Earnings per share - basic and diluted (Rupees) | 0.30 | 3.03 | -90.10% |
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