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Pakistan Tobacco Company Limited’s financial results for the half year ended 30th June, 2011

Karachi: We have to inform you that the Board of Directors in their meeting held on 15th August, 2011at 11.30 a.m. at Company Head Office, decided to declare no interim dividend for the first half year ended 30th June, 2011. The decision was taken keeping in view the Cigarette market which has been declining for some time as result of the excise led prices. These increases have impacted the profitability of the legitimate industry including PTC.

The financial results of the Company are as follows:

 

Rs ’000’

Quarter ended

Half Year ended

June 30, 2011 June 30, 2010 June 30, 2011 June 30, 2010
Gross turnover 17,383,562 15,831,690 33,838,201 31,584,792
Excise duties  (9,013,073)  (7,884,219) (17,499,618) (15,644,711)
Sales tax (2,589,565) (2,254,363) (5,046,637) (4,487,654)
———-  ———- ———- ———-
5,780,924 5,693,108 11,291,946 11,452,427
 ———- ———- ———- ———-
Cost of sales  (4,329,348) (3,887,427) (8,421,055) (7,633,126)
———- ———- ———- ———-
Gross profit 1,451,576 1,805,681  2,870,891 3,819,301
Selling and distribution
Expenses  (706,543) (668,656) (1,211,283)  (1, 228,190)
Administrative expenses (381,420)  (319,428)  (685,384)  (615,327)
Other operating expenses (37,838) (65,836) (83,514)  (155,083)
Other operating income 16,838 17,592 18,022  22,574
———- ———- ———- ———-
 (1,108,963) (1,036,328) (1,962,159) (1,976,026)
 ———- ———- ———-  ———-
Operating profit 342,613 769,353 908,732 1,843,275
Finance income 29,780 30,954 32,010 33,586
Finance cost (17,056)  (12,755)  (61,686) (46,794)
———- ———- ———- ———-
Net finance income/ (cost) 12,724 18,199 (29,676) (13,208)
———- ———- ———- ———-
Profit before income tax 355,337 787,552 879,056 1,830,067
Income tax expense – Current (149,019) (230,354)  (365,990)  (616,103)
– Deferred 28,433 (42,155) 65,216 (17,420)
 ———- ———- ——— ———-
 (120,586) (272,509) (300,774) (633,523)
———- ———- ———- ———-
Profit for the period 234,751 515,043  578,282 1,196,544
———- ———- ———- ———-
Earnings per share (Rupees) 0.92  2.01 2.26 4.68

 

For more information, contact:
Ayesha Rafique
Company Secretary and Regulatory Counsel
Pakistan Tobacco Company Limited
Silver Square, Plot No. 15,
F-11, Markaz, Islamabad
Tel: + 92 (51) 2083200-01
Fax: + 92 (51) 2224215-16

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