Pakistan Tobacco’s profit falls on high taxes

Pakistan Tobacco’s profit falls on high taxes

KARACHI: Pakistan Tobacco Company (PTC), the largest cigarette manufacturer in the country, has declared a 10 per cent decline in half year profit ended on June 30, 2022 mainly attributed to about 100 per cent increase in payment of taxes.

According to the financial results submitted to the Pakistan Stock Exchange (PSX), the company declared profit after tax (PAT) at Rs8.51 billion for the half year ended on June 30, 2022 as compared with Rs9.45 billion in the same half of the last year.

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The company declared profit before income tax at Rs15.71 billion for the half year ended on June 30, 2022 as compared with Rs13.12 billion in the same half of the last year.

The sharp decline in net profit may be attributed may be attributed to significant rise in the payment of taxes. The company paid an amount of Rs7.20 billion as taxes during the half year ended June 30, 2022 as compared with Rs3.68 billion in the same half of the last year, showing an increase of 95.7 per cent.

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The PTC declared basic and diluted earnings per share (EPS) at Rs33.32 for the half year ended on June 30, 2022 as compared with EPS of Rs36.98 in the same half of the last year, showing a decrease of 9.9 per cent.

The total gross turnover of the company increased to Rs113.45 billion for the first half (January – June) 2022 as compared with Rs99.85 billion in the same half of the last year, showing an increase of 13.62 per cent.

The total net turnover of the company increased to Rs45.01 billion for the first half (January – June) 2022 as compared with Rs37.14 billion in the same half of the last year, showing an increase of 21.2 per cent.

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The company declared the total gross profit at Rs21.18 billion for the half year ended on June 30, 2022 as compared with Rs17.85 billion in the same half of the last year, showing an increase of 18.66 per cent.

The operating profit of the company increased to Rs15.09 billion during the half year under review as compared with Rs12.77 billion in the same half of the last year, showing an increase of 18.17 per cent.

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