Pakistan Tobacco announces 38% surge in quarterly profit despite tax hikes

Pakistan Tobacco announces 38% surge in quarterly profit despite tax hikes

Despite a significant hike in taxes, Pakistan Tobacco Company announced a 38% surge in quarterly profit after tax on Tuesday.

The company reported a profit of Rs6.74 billion for the quarter ended March 31, 2023, which is up from Rs4.88 billion in the same quarter of the previous year.

It’s worth noting that the company paid income tax of Rs3.07 billion during the period under review, which is an increase from Rs1.82 billion in the same period of the previous fiscal year.

Pakistan Tobacco Company’s earnings per share for the quarter ended March 31, 2023, were declared at Rs26.40, compared to Rs19.12 in the same quarter of the previous year. The company’s gross turnover also increased, recording Rs58.72 billion for the quarter under review as compared to Rs52.83 billion in the same quarter of the previous year.

After the payment of federal excise duty and sales tax, the net turnover for the quarter ended March 31, 2023, stood at Rs22.58 billion, which is up from Rs19.69 billion in the same quarter of the previous year.

However, the selling and distribution cost of the company increased to Rs1.38 billion for the quarter under review compared to Rs902 million in the same period of the previous year.

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