Islamabad August 22 2023: GlaxoSmithKline Pakistan Limited, the second-largest pharmaceutical company in the country, reported a loss of PKR 752 million in the second quarter of 2023, attributing it to rising input costs, as stated in the company's filing to the exchange.
Share price of the company drop PKR 2.91 or 3.88 percent at Pakistan Stock Excahange to close the session at PKR 72.15.
The company's gross margins experienced a decline to 4.1 percent in Q2 2023, a significant drop from 17.3 percent recorded during the same period in the previous year.
Despite this, the company's topline demonstrated growth, increasing by 23.7 percent to PKR 11.9 billion in Q2, compared to PKR 9.5 billion during the corresponding period last year. Conversely, the distribution expenses of the company rose to PKR 1.2 billion, up from PKR 809 million from the previous year.
Furthermore, the company reported a finance income of PKR 322 million for the quarter, in contrast to a finance cost of PKR 244 million in the previous year.