Corporate results: Gillette Pak’s profits shaved 79.6%

Company’s EPS falls from Rs13 to Rs3 in FY14.


Our Correspondent September 12, 2014

KARACHI:


Gillette Pakistan Limited on Friday posted a net after tax profit of Rs57.7 million for the year ended June, 2014. The company is a subsidiary of Series Acquisition – a wholly owned subsidiary of Procter and Gamble.


The profit after tax fell by 79.6%, in comparison to the comparative period of the previous year, which posted earnings of Rs249 million. Despite having sales of Rs2 billion – an increase of 16.4% from previous year (Rs1.7 billion) – Gillette suffered a drastic change in gross profit as cost of goods sold increased by 40% – from Rs1.4 billion in 2013 to Rs1.6 billion in 2014.

Earnings per share (EPS) of the company fell from Rs13.01 in 2013 to Rs3.01 in 2014, a whopping decrease of 76.8%. With the significant decline in profits of the company – a renowned manufacturer of razor blades – notes in the result stated the board of directors did not recommend any dividend or bonus shares based on the poor financial performance.

The account of other operating expenses fell from Rs29.3 million in 2013 to Rs5.4 million in 2014, a decrease of 81.4%.

Income tax expense increased from Rs81 million to Rs105.7 million – an increase of 29.3%.

Published in The Express Tribune, September 13th, 2014.

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COMMENTS (1)

Ahmed | 9 years ago | Reply

GO NAWAZ GO

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