GSKCH reports profits increase of 9.40pc for third quarter

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KARACHI: In a notification sent to the bourse on Friday, GlaxoSmithKline Pakistan (GSKCH) announced its earnings for the third quarter of 2017.

Sales revenue increased 10.69pc to touch Rs7.674m for July-September quarter of FY 2017 against Rs6.932m in same period last year (SPLY). Gross profit for July-September quarter increased 16.09pc to Rs2.217m compared to Rs1.909m in SPLY.

Selling & Distribution expenses inched up by 8.56pc to reach Rs0.750m against Rs0.691m in SPLY. Administrative expenses also went up slightly by 9.61pc, touching Rs0.244m compared to Rs0.223m in SPLY.

Other income plummeted by a catastrophic 380.59pc for the third quarter of 2017 touching Rs0.068m compared to 0.327m in SPLY. Finance cost registered an astronomical rise of 220.7pc to reach Rs0.018m for third quarter of FY 2017.

Total profit after taxation for third quarter rose 9.40pc, touching Rs0.784m compared to Rs0.716m in SPLY.

Earnings per share for the quarter was reported at Rs2.46, rising by 21pc compared to Rs2.25 in SPLY.

An interim cash dividend of Rs3 per share has been declared for the nine months ended of FY 2017.

GSK Pakistan operates mainly in two industry segments: Pharmaceuticals (prescription drugs and vaccines) and consumer healthcare (over-the-counter-medicines, oral care and nutritional care). In Pakistan, the Company deals in Anti-infective, Respiratory, Vaccines, Dermatological, Gastrointestinal, Analgesics, Oncology, Urology, Central Nervous System, Allergy, Cardiovascular and Vitamins therapy areas.

At the time of filing this report, GSK Pakistan’s shares were trading at Rs349.79, up Rs16.65 from its opening on Friday morning. KSE-100 index was trading at 41,097.15 points, down 312.34 points from its close on Thursday.