Tax relief fails to avert major decline in Otsuka's bottomlline gains

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By MG News | October 24, 2018 at 03:56 PM GMT+05:00

0:00

 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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