Karachi May 3 2024: Searle Pharmaceuticals reported loss of PKR 109 million during third quarter ended March 31 2024 due to decline in company’s sales despite significant increase in prices.
Searle Pharmaceuticals witnessed a decline of 5.7% in revenue compared to the previous year for the same period, despite significant price increases. Prices increases resulted in a healthier gross profit margin of 49.0%, marking an improvement from the 45.95% margin in the preceding period.
However, despite these positive strides, the company experienced a loss after tax, of PKR 109 million. This loss can be primarily attributed to two key factors: the depreciation of the Pakistani currency and a consequential increase in the company’s finance costs.
This combination of currency depreciation and heightened finance costs significantly impacted the company’s bottom line, contributing to the substantial decline in profit after tax.
