Philip Morris Pakistan declares 11% fall in half year profit

Philip Morris Pakistan declares 11% fall in half year profit

KARACHI: Philip Morris (Pakistan) Limited on Wednesday announced a decline of 11 per cent in its profit for the half year ended June 30, 2022.

The board of directors of Philip Morris (Pakistan) Limited at its meeting held on August 10, 2022, approved the half-year financial statement of the company for period ended June 30, 2022.

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According to financial results submitted to Pakistan Stock Exchange (PSX), the company declared profit after tax at Rs1.53 billion for the half year ended June 30, 2022 as compared with Rs1.72 billion in the corresponding half of the last year.

The decline in profit may be attributed to the massive increase in payment of taxes during the period under review. The charges of taxes increased sharply by 80 per cent to Rs1.25 billion for the half year ended June 30, 2022 as compared with Rs694 million in the same half of the last year.

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The profit before tax of the company was 15.77 per cent higher to Rs2.79 billion for the half year ended June 30, 2022 as compared with Rs2.41 billion in the corresponding half of the last year.

The company declared gross profit of Rs4.65 billion for the half year under review as compared with Rs4.46 billion in the same half of the last year. The net turnover came at Rs10.17 billion for the period as compared with Rs9.22 billion in the last year. Meanwhile, the cost of sales grew to Rs5.52 billion for the half year ended June 30, 2022 as compared with Rs4.76 billion.

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Distribution and marketing expenses of the company fell to Rs1.37 billon when compared with Rs1.43 billion. Similarly, administrative expensive also fell to Rs636 million when compared with Rs734 million in the first half of the last year.

Philip Morris (Pakistan) Limited (“PMPKL”), a public limited tobacco manufacturing company, listed on the Pakistan Stock Exchange.

PMPKL is an affiliate of Philip Morris International (“PMI”), a leading international tobacco company, listed on the New York Stock Exchange with its Operational Headquarters in Lausanne and Corporate Headquarters in New York.

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The company claimed as the largest manufacturers of cigarettes in Pakistan and support a wide range of charitable projects in communities. These include providing economic opportunity, empowering women and access to education.

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